Bank of Ghana Urges Businesses to Shun Speculation and Support Cedi Stability

The Bank of Ghana has publicly asked businesses and market participants to stop trading based on guesswork. They should use real economic conditions instead. This advice aims to keep the Ghanaian cedi strong. The central bank believes this will help the entire economy improve.

Transactions should reflect genuine needs. This helps the cedi stay steady. It also makes the economy more stable. Mrs. Matilda Asante-Asiedu, the Second Deputy Governor, spoke at the Money Summit. She warned that speculating harms trust. It puts fake pressure on foreign currency markets.

Mrs. Asante-Asiedu stated clearly that the economy's reality does not favour betting against the cedi. She asked everyone to trade based on current needs. Fear or panic should not drive decisions. She reminded everyone that Ghana's foreign currency reserves are growing. These reserves act as a safety net for the economy.

Her comments follow new pressure on the cedi. Last week, the cedi lost 0.94% against the US dollar. It also weakened by 0.70% versus the British pound. The euro saw a 1.24% drop against the cedi. This means the cedi has fallen 10.14% against the dollar this year.

Despite these challenges, Mrs. Asante-Asiedu noted positive signs. Key economic indicators have improved. These improvements have helped the cedi gain strength. They have also led to a more stable economy. Businesses play a big role in keeping these gains. They must make choices based on their real business needs, not speculation.

Decisions based on current economic reality are crucial. They keep the foreign exchange market stable. This prevents recent progress from being undone. Mrs. Asante-Asiedu recalled last year's lessons. Those who bet against the cedi lost money. They hoarded foreign currency. Then the cedi made a strong comeback in 2025, one of the best globally.

Traders saw people unloading hoarded foreign currency. This happened when the cedi's value improved. Mrs. Asante-Asiedu’s remarks come at a time of cedi strength. Foreign currency is flowing into the country. Reserve buffers are stronger. Confidence in Ghana's economy has returned. The Bank of Ghana thinks less speculation will help. It will lead to a stable exchange rate. This will reduce price increases across the economy. It will also make the economy more resilient.