President John Dramani Mahama has acknowledged that the Bank of Ghana used to intervene in the foreign exchange market but has recently withdrawn its support.
This, he said, was to correct some imbalances warranted by the appreciation of the local currency.
“Because of the rapid appreciation in the value of the Cedi, we saw an exponential increase in imports because people could buy cheaper dollars and import more.
“On the other side, exporters are not happy because they could get less cedi for what they export,” he explained during a Presidential media encounter.
He also indicated that the government witnessed a 50 per cent drop in remittances within the period.
He observed that the cedi was making an adjustment and would settle at a certain rate.
The government, he said, was keen on ensuring that any depreciation of the Cedi should be within a margin of about 5 per cent per annum.
He urged Ghanaians to be patriotic and work to protect the local currency for the benefit of all citizens.
At the beginning of the year, data from the interbank rates showed that the Cedi was selling at 15.1244 to a dollar as of January 13, 2025.
On September 9, 2025, the Cedi was selling at 12.1061 to a dollar
GNA
