The Head of Research at the Bank of Ghana, Dr Philip Abradu-Otoo, has revealed that the central bank faced backlash when the local currency appreciated during the first six months of the year.

According to him, although the cedi’s strong performance benefited many, some groups were unhappy with the appreciation.

Speaking at a forum at the University of Cape Coast on Saturday, September 6, 2025, Dr Abradu-Otoo said some businesses complained that the cedi’s strength negatively affected their operations.

“Recently, we’ve seen exchange rates volatile downwards. So, we have seen an appreciation in the currency. It is good for some people. But at the central bank, you will be surprised that when the currency started appreciating, businesses started attacking us.

"They wrote all sorts of letters telling us to stop allowing the exchange appreciation because it is bad for their businesses,” Dr Abradu-Otoo was quoted by citinewsroom.com.

The BoG has also noted that while a stronger cedi is often considered beneficial for the wider economy, helping to reduce import costs and stabilise inflation, some exporters and businesses argue that it undermines their competitiveness in international markets and cuts into their profit margins.

Dr Abradu-Otoo added that the central bank must carefully manage currency movements to maintain economic stability.

Currently, however, the cedi has depreciated against major trading currencies on the interbank market.

SSD/MA