Ghana is targeting an appreciation of 5 percent yearly in its cedi currency.
It comes amid a slow depreciation of the currency after a bullish performance in the first half of 2025.
In June, the Ghana cedi appreciated by nearly 50% against the US dollar to ₵10.21 per dollar, making it the strongest-performing currency globally this year, according to Bloomberg data.
However, recent data also indicate that the cedi has suffered a 13% depreciation, marking the biggest global decline.
Ghana’s president John Mahama in a media address said the Central Bank is working at pegging the currency appreciation at an appreciable rate beneficial to all.
“The cedi is making an adjustment, and I believe that it will settle at a certain rate, and we will make sure that any depreciation that occurs in the value of the cedi is within the margin of 5% per annum,” he told Ghana’s media.
The Ghanaian president also admitted to an interference by the country’s central bank in the high performance of the currency.
In its latest post-review statement, Deputy IMF Managing Director urged the Bank of Ghana to “reduce its footprint in the foreign exchange market.”
John Mahama said although the Bank intervened briefly, it has withdrawn its influence over the cedi performance.
“What happened is that, because of the rapid appreciation in the value of the cedi, we saw an exponential increase in imports because then people would buy cheaper dollars so they could import more.
“But on the other side exporters are not happy because they get less cedis for what they export,” John Mahama added.
The president says he aims to stop the rapid depreciation of the currency under his tenure.
