BoG Unveils $12.9bn Shield for Cedi

The Bank of Ghana has moved to calm growing concerns over the stability of the cedi, unveiling a formidable financial cushion of US$12.9 billion in gross international reserves to protect the local currency from external shocks and market volatility.

Speaking during a stakeholder engagement programme at Eusbett Hotel in Sunyani, Governor Dr Johnson Asiama assured businesses, investors and the general public that the central bank possesses adequate resources to defend the cedi and maintain confidence in Ghana’s economy.

According to the Governor, there is no reason for panic despite recent fluctuations in the foreign exchange market, stressing that the country’s reserve position remains strong enough to support the economy through uncertain global conditions.

“Our gross international reserves currently stand at US$12.9 billion, which is sufficient to cover the country’s import needs for about five months,” Dr Asiama stated.

He explained that these reserves provide the Bank of Ghana with a strong financial buffer capable of absorbing external shocks while ensuring stability in the foreign exchange market.

The Governor noted that the sizeable reserve position strengthens the central bank’s ability to respond swiftly whenever pressure builds on the cedi.

He stressed that maintaining confidence in the local currency remains one of the institution’s highest priorities.

“These reserves give us a strong buffer against external shocks and help the Bank of Ghana support stability in the foreign exchange market.”

Dr Asiama added that the central bank will continue implementing policies aimed at preserving the value of the cedi while safeguarding macroeconomic stability.

“This is why the Bank of Ghana will continue to take decisions that protect the value of the cedi, keep inflation low, preserve financial stability, and support sustainable economic growth.”

The Governor said the ultimate objective is to create an economy where businesses can confidently invest, households can make long term financial plans, and citizens benefit from sustained economic growth.

Our goal is simple: to create an economic environment where businesses can grow with confidence, households can plan for the future, and every Ghanaian can share in the benefits of a stable and growing economy.”