The Bank of Ghana (BoG) has cautioned businesses, investors, importers and exporters against engaging in speculative foreign exchange activities, warning that such behaviour could threaten recent gains in cedi stability and broader economic recovery.
Speaking at the Money Summit, Second Deputy Governor Matilda Asante-Asiedu urged market participants to make financial decisions based on actual business needs and prevailing economic conditions rather than fear-driven expectations of currency movements.
According to her, the country’s economic fundamentals currently do not support speculation against the cedi, noting that Ghana’s foreign exchange reserves continue to strengthen and serve as a buffer against market shocks.
“The fundamentals of this economy do not reward speculation against our currency,” she stated, encouraging businesses to transact based on genuine demand instead of panic buying or hoarding foreign currency.
Her comments come at a time when the cedi is facing renewed pressure. Data from last week showed the local currency depreciated by 0.94 per cent against the US dollar, 0.70 per cent against the British pound, and 1.24 per cent against the euro. This brought the cedi’s year-to-date loss against the dollar to 10.14 per cent.
Despite the recent depreciation, Mrs. Asante-Asiedu maintained that the economy has made significant progress, citing improved macroeconomic indicators, stronger foreign exchange inflows and growing reserve buffers that have supported one of the cedi’s strongest recoveries in recent years.
She recalled that many traders who accumulated foreign currency in anticipation of further cedi weakness suffered losses when the local currency unexpectedly rebounded in 2025.
“We all saw the lessons plainly last year. Those who bet against the cedi and hoarded foreign currency soon found themselves on the wrong side of the trade,” she said.
The central bank believes that reducing speculative demand for foreign currency and allowing market fundamentals to guide transactions will help sustain exchange rate stability, ease inflationary pressures and strengthen confidence in the Ghanaian economy.
