4.8 months of import cover is no joke – BoG Governor

Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, has cautioned the public against placing undue reliance on speculative exchange rate projections from black market forex traders.

He stated that such narratives undermine confidence in the cedi and misrepresent the country’s economic fundamentals. The governor explained that due to the stabilisation of the cedi, external buffers have seen a significant rise since the beginning of the year.

Dr. Asiama expressed particular concern about the way public expectations are being shaped around the cedi’s performance, warning that such sentiment, when fuelled by informal sources, can distort perceptions of Ghana’s economic position.

According to him, the cedi has done well since January this year, and there is a need to read from the data and talk about the gains. He reveleved that, the country has gained GH₵4.8 million over the past six months, and these are things that must be discussed.

“Talk about what the figure is now, you have over $11 million, compare that to what it used to be,” adding that 4.8 months of import cover is no joke. ”

Dr Asiama was speaking at the Graphic Business/Stanbic Bank Breakfast Meeting in Accra. He stressed that the data released by the Bank of Ghana after its periodic Monetary Policy Committee meetings should serve as the official guide for assessing the strength of the cedi.

He urged Ghanaians to recognise the importance of macroeconomic indicators in sustaining stability and to resist the influence of unverified street-level speculation.

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