Cedi Stable Despite Pressures — BoG
The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has said the Ghana cedi has remained broadly stable against major international trading currencies despite persistent global economic uncertainties and external market pressures.
Opening the 131st Monetary Policy Committee (MPC) meeting in Accra on Monday, Dr Asiama said recent economic indicators point to continued resilience in the foreign exchange market, adding that the committee would carefully assess current developments before deciding on the next monetary policy direction.
“The exchange rate has remained broadly stable, supported by improving macroeconomic fundamentals and recent policy measures,”Dr Asiama stated.
He noted that the MPC’s responsibility is to ensure that its policy stance remains appropriate as economic conditions continue to evolve, stressing that members would carefully review both domestic and global developments before taking a decision.
“Our task this week is not simply to assess the latest data. It is to determine whether the framework we strengthened in May remains fit for the conditions now before us, and whether the choices we made then continue to serve the medium-term objectives on which our credibility depends,” he said.
The Governor’s remarks come as the central bank begins deliberations at its 131st MPC meeting, where members are expected to review inflation trends, exchange rate developments, global economic conditions and other key macroeconomic indicators before announcing the committee’s latest monetary policy decision.
The outcome of the meeting is expected to provide guidance on the Bank of Ghana’s policy direction as authorities seek to preserve macroeconomic stability, sustain confidence in the cedi and support Ghana’s ongoing economic recovery amid continuing global uncertainties.
By: Joyce Owusu
