Governor of the Bank of Ghana, Dr Johnson Asiama, has assured businesses that recent fluctuations in the foreign exchange market are being closely managed.
The cedi has come under pressure against the US dollar in recent weeks, with increased demand for foreign exchange linked partly to seasonal Christmas imports.
Speaking to capital market stakeholders at the Ghana Stock Exchange, Dr Asiama urged businesses to remain confident, saying the central bank is monitoring developments in the foreign exchange market.
The cedi has recently come under pressure against the US dollar, trading at around GH¢12 to a dollar at some forex bureaux, while the Bank of Ghana’s rate stood at approximately GH¢11.59 as of Thursday.
The Governor said the recent movements form part of measures aimed at supporting economic activity and assured businesses that there was no cause for alarm.
“Managing an economy, someday things might be challenging, but it doesn’t mean we lose control. Sometimes it’s okay to allow the system to adjust; sometimes it’s deliberate policy to allow the cedi to depreciate a little bit. It’s all within the strategy, so when you see those little movements, don’t be alarmed at all; we have it all under control,” he assures.
Meanwhile, on efforts to drive economic growth, the Governor urged managers across various sectors to strengthen confidence in the financial system.
He also called on the Central Securities Depository (CSD) to provide the investing public with clear and transparent information on investment portfolios.
According to him, greater transparency would help build investor confidence and make the capital market more attractive to potential and younger investors.