The Governor of Bank of Ghana (BoG) Dr. Johnson Asiama has strongly maintained that the central bank is not pursuing a rigid exchange rate target or a predetermine band.
Dr. Asima added that the “Bank of Ghana remains committed to a flexible exchange rate regime, one that is anchored in fundamentals, responsive to shocks, and supported by credible policy tools”.
Dr. Asiama disclosed this at the Ghana Association of Banks Industry Thought Leadership programme themed, “Banking The Last Mile: An Industry-Led Strategy For Accelerating Digital Finance”.
“We remain vigilant and fully prepared to act in a timely and measured manner to preserve orderly market conditions”, he assured.
Dr. Asiama observed that “the Bank of Ghana will also work to safeguard the broader macroeconomic stability necessary for financial innovation and inclusion to thrive”.
Background
The Bank of Ghana’s assurance is coming at a time that there have been strong indications that the government will be working with GH¢10 to GH¢12 to a dollar.
President John Mahama, at a recent engagement with some exporters at the Jubilee House, revealed that the real exchange rate value of the Ghana cedi against the United States dollar is in the range of GH¢10 to GH¢12.
President Mahama, during his engagement, further revealed that in a meeting with Dr. Asiama and Finance Minister, Dr. Ato Forson the, “ real value of the cedi was put anywhere between GH¢10 and GH¢12” .
