2nd Deputy Governor urges banks, importers & exporters, investors to transact based on genuine need instead of speculation

Second Deputy Governor of the Bank of Ghana, Mrs. Matilda Asante-Asiedu, has called on banks, importers, exporters, investors, and other market participants to conduct foreign exchange transactions based on genuine business needs rather than speculation.

Speaking at The Money Summit 2026 in Accra on June 2, Mrs. Asante-Asiedu stressed that responsible market behaviour is critical to maintaining the stability of the Ghanaian cedi and safeguarding broader macroeconomic gains.

“The fundamentals of this economy do not reward speculation against our currency. Therefore, I urge every actor — banks, importers, exporters, and investors — to transact on genuine need, not fear. That is how we keep the cedi stable, together,” she said.

According to the Deputy Governor, Ghana’s foreign exchange reserves have remained resilient despite recent global economic challenges, helping the economy withstand external shocks and support currency stability.

She noted that the Bank of Ghana’s reserve accumulation strategy has played a key role in strengthening confidence in the economy amid oil market volatility and geopolitical uncertainties.

“Our reserves have held strong, and the cedi has remained largely resilient. But a stable currency is not only built on reserves. Proper market conduct is just as important,” she stated.

Mrs. Asante-Asiedu pointed to lessons from the previous year, when some market participants reportedly accumulated foreign currency in anticipation of a depreciation of the cedi, only to incur losses when the local currency rebounded strongly.

“We saw this clearly last year. Those who bet against the cedi and hoarded foreign currency ended up on the wrong side of the trade,” she said.

The Deputy Governor reaffirmed the central bank’s commitment to maintaining price stability and tackling inflationary pressures whenever they threaten economic stability.

She explained that controlling inflation ultimately benefits businesses and consumers by helping to lower borrowing costs and support sustainable economic growth.

“We remain vigilant to inflationary threats, and we will deploy every tool available in our toolkit to address inflation whenever it threatens macroeconomic stability,” she said.

She added that lower inflation creates the conditions for lower interest rates, enabling businesses to access more affordable credit to invest, expand operations, and sustain growth.

“Price stability is not an end in itself; it is what makes affordable credit and business continuity possible,” she noted.

Mrs. Asante-Asiedu also disclosed that the Bank of Ghana will continue building its foreign exchange reserves with the goal of maintaining a durable floor of six months of import cover.

In addition, she said the central bank remains committed to advancing the Ghana Gold Reserve Accumulation Programme (GANRAP), which aims to increase reserves to the equivalent of 15 months of import cover over the medium term.

According to her, these buffers will help the economy absorb future shocks without triggering panic in financial markets, while strengthening confidence in Ghana’s economic outlook.

She emphasized that sustaining currency stability requires a collective effort from policymakers, businesses, financial institutions, and investors, urging all stakeholders to act responsibly in support of the cedi and the broader economy.