President John Dramani Mahama has projected that the cedi’s depreciation will remain moderate in the coming months, staying within a band of around 5% per annum.

According to him, the recent currency fluctuations form part of a natural adjustment process rather than a sign of renewed instability.

Speaking at a media encounter on Wednesday, September 10, 2025, the President acknowledged that the Bank of Ghana (BoG) had intervened aggressively in the first half of 2024, when the local currency depreciated by nearly 25%.

He explained that the central bank has since scaled back direct interventions as the cedi shows signs of stabilisation.

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President Mahama assured businesses and investors of greater currency stability, emphasising that the government’s focus on fiscal discipline, prudent expenditure management, and stronger macroeconomic fundamentals will create a more predictable environment for trade and investment.

“I believe it is about stopping the rapid depreciation of the currency. When you have steep depreciation, like we had in 2024, with 25% depreciation in the first half of the year, it makes planning difficult. And so yes, the Bank of Ghana has been intervening in the forex market, but they have since withdrawn,” he said.

The cedi experienced a sharp appreciation against major international currencies earlier this year but has slowed in recent weeks, sparking fears of a reversal of earlier gains.

SP/MA

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