Speaking at the Cedi @60 International Currency Conference, the governor of the central bank, Dr Johnson Asiama, emphasised the need to address the pressures of currency substitution and dollarisation that threaten Ghana’s economic sovereignty.

“At the same time, we are strengthening efforts to re-anchor the Cedi as the unquestioned medium of exchange, addressing the pressures toward currency substitution and dollarisation that threaten our economic sovereignty”

“As we advance this work domestically, our engagement with the global community becomes even more important,” he said.

The Governor’s remarks highlight the central bank’s commitment to maintaining currency stability and promoting the use of the cedi in domestic transactions

The Bank of Ghana has implemented various measures to strengthen the cedi, including monetary policy interventions and efforts to increase foreign exchange inflows.

As Ghana continues to navigate the complexities of the global economy, the BoG’s engagement with the international community is crucial in promoting the country’s economic interests.

The Cedi @60 International Currency Conference provides a platform for stakeholders to discuss the future of the Ghanaian cedi and its role in the country’s economic development.

The conference has brought together policymakers, economists, and industry experts to share insights on the cedi’s performance and prospects.

The BoG’s efforts to strengthen the cedi are expected to contribute to Ghana’s economic growth and development, promoting a stable and prosperous economy for all Ghanaians.

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He said the idea is one of the things the business community welcomed in the new budget because it tackles a long-standing crisis for female traders.

Dr Obeng explained that many women avoid mainstream banks and depend on microfinance, susu groups, and other credit sources that charge punishing rates.

According to him, this leaves them stuck in a cycle of poverty.

“Among what we liked about the budget is the intended establishment of the women’s bank. In fact, it’s coming to solve a problem for us. Seriously, our women are very vulnerable.

“And then they normally do not do business with the mainstream banks, and they do their business with the microfinance and the susu systems and all manner of credit that they secure at a very exorbitant price that makes them wallow in poverty because they can actually not even pay the interest and all that.”

Dr Joseph Obeng praised the government for the initiative but stressed that the crisis goes beyond women. He said many men in the trading sector are equally weak and struggling.

“So government have done well, but as we are thanking government for that, we will also want to appeal to government that some of our men are as weak as the women.

“So we should find a way to also tie them up somewhere and then those vulnerable people also get something, and so we thank government for that.”

Dr Joseph Obeng said the new bank will be a lifeline. But he believes any real fix must include support for men who are slipping deeper into hardship.

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At a press briefing on Friday, November 14, former Finance Minister Amin Adam said the scale of interventions should have translated into stronger gains. “

With the significant billions of dollars of interventions, we expected the rate to be at GH₵8 to a dollar.

“The market’s muted response reveals a sophisticated understanding that currency strength cannot be purchased; it must be earned through sound economic fundamentals,” he stated.

He argued that the government has leaned on short-lived market support instead of addressing deeper economic weaknesses.

Drawing comparisons, Dr. Adam referenced the IMF-guided programme under the previous NPP administration, saying foreign exchange interventions were tightly regulated. “

During the NPP administration, the IMF restricted the Bank of Ghana from intervening heavily in the forex market. The intervention budget was fixed at US$80 million per month, despite international reserves exceeding the IMF target. By the end of 2024, reserves stood at almost US$9 billion,” he explained.

He claimed the recent improvement in the currency’s value is tied to reserves left by the previous administration.

“The new Bank of Ghana management and the government began injecting massive sums of forex into the market from reserves they inherited. The performance of the cedi is therefore not by any magic or policy intervention; it is due to the hard work under the NPP administration.”

According to the Minority, the central bank has injected about US$8 billion into the market since the start of the year, helping move the exchange rate from around GH₵14 per dollar on January 6, 2025, to nearly GH₵11.

Dr Adam, however, said the outcome remains limited. “Despite these burdensome interventions, the gains remain disappointingly modest and fundamentally unsustainable.”

He also criticised what he described as “propaganda management” of the economy, questioning the benchmark used by government for its comparisons. “Merely repeating an untruth does not make it the truth,” he cautioned.

The Minority believes heavy interventions are draining reserves while critical issues, weak export earnings, sluggish productivity, and low forex inflows, remain unresolved. They warned that any temporary gains are likely to fade once intervention capacity falls.

“These resources have been squandered on temporary cosmetic improvements that will inevitably reverse once intervention capacity is exhausted.”

Dr Adam acknowledged that the Bank of Ghana has now shifted to an updated IMF-backed intervention system, saying it reflects the realities of the current situation.

He described the change as necessary. “The Bank must now intervene in a measured and transparent manner,” he said, calling it the responsible approach needed for long-term stability.

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The Commission has tightened enforcement, enhance education, and improve regulatory framework to ensure a sanitised investment climate.

Speaking at the second edition of the ‘Time With SEC’ programme, in Koforidua, the Director-General, Dr. James Klutse Avedzi, revealed that a newly amended Securities Industry Act is expected to be passed into law by the end of 2026.

This, he said will empower SEC to clamp down on illegal investment schemes that have taken new shape and form.

“The SEC is strengthening its oversight and regulatory powers. The overhaul of the Security Industry Act, Act 929 of 2016 as amended by the Security Industry Amendment Act Of 2021, Act 1062 will be a more robust act for effective regulation,” he said.

According to him, the call has become necessary due to the rise in ponzi schemes, surfacing on social media and other online platforms.

“We are working closely with the Ghana Police, EOCO, the Judiciary and the Attorney General’s Department to ensure that individuals and entities that defraud investors face the full consequences of the law.”

He disclosed that the new bill has so far gone through extensive review and will soon be submitted to the Finance Ministry for consideration and onward submission to the Attorney General’s Department.

“It will subsequently be laid before parliament before passage into law. Potentially, before the end of next year 2026, all things being equal,” he said.

Dr. Avedzi stated that SEC will collaborate with the judicial arm of government and law enforcement agencies to clamp-down on online fraudulent schemes which promises unrealistic returns.

The ‘Time With SEC’ is a flagship programme of the Securities and Exchange Commission aimed at educating the public on sound investment practices and other services offered by the commission.

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This is coming despite a decline in the inflation rate.

According to the auction results, the government obtained GH¢4.51 billion of the total bids, but accepted GH¢4.50 billion. The target for the auction was GH¢6.83 billion.

About 80% of the bids came from the 91-day bill.  A little over GH¢3.61 billion of the bids were tendered. The uptake was GH¢3.60 billion.

For the 182-day bill, GH¢617.63 million of the bids were tendered. All the bids were accepted.

Also, GH¢282 million of the bids were tendered for the 364-day bill. A little over GH¢279 million of the bids were accepted.

Meanwhile, Interest rates continued to rise on the yield curve.

 The yield on the 91-day bill increased by 11 basis points to 10.92%.

That of the 182-day bill also shot up to 12.61% from 12.49% the previous week.

The yield on the 364-day bill also increased by 6.0 basis points to 11.01%.

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The local currency has appreciated by over 29% against the American greenback in the retail market since the beginning of the year, and is on course to appreciate against the dollar for the first time in its history.

It is presently going for GH¢12.00 to one dollar at the forex bureau and selling at GH¢10.92 on the interbank market.

“We expect most major Sub-Saharan African currencies to remain broadly stable through quarter 4 2025 and into 2026, extending the calm observed year-to-date. Indeed, we anticipate only a slight weakening of the Ghana cedi, Zambia kwacha, Nigeria Naira and South Africa rand by the end of 2025

The UK-based firm is, however, predicting about 8% depreciation of the cedi against the US dollar.

It is therefore predicting GH¢11.70 on the interbank market by the end of 2026.

“While modest depreciation against the US dollar is likely in the coming quarters, currencies will remain far more stable than during the volatility experienced in 2023 and 2024”, it mentioned.

“We expect continued softness in the US dollar and robust risk appetite for emerging market currencies to add tailwinds to Sub-Saharan Africa forex.”

It continues that the price of gold will remain elevated due to policy uncertainty in the US, anticipated interest rate cuts by the Federal Reserve, and ongoing geopolitical tensions.

However, stronger reserves from high gold revenues, Bank of Ghana intervention and protecting export competitiveness will limit prolonged cedi gains.

Source: Joy Business

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In a release dated November 5, 2025, and a policy paper titled Ghana’s Policy Position on Virtual Assets and Service Providers, the BoG outlined Ghana’s first national framework for regulating virtual assets such as cryptocurrencies, tokens, and related technologies.

According to the Bank, a registration exercise conducted in July 2025 identified over 100 companies providing services such as exchange, wallet management, brokerage, and investment advisory to a user base of more than three million Ghanaians.

To strengthen supervision, the bank explained it will establish a Virtual Assets Regulatory Office (VARO) to oversee the sector.

The new office will coordinate with other state institutions and enforce compliance with anti-money laundering and counter-terrorism financing standards.

“The Bank recognises that virtual assets can no longer remain outside Ghana’s financial regulatory remit,” the document stated. It added that the VARO will act as a link between government oversight and the virtual assets industry, and work with agencies such as the Securities and Exchange Commission (SEC), the Financial Intelligence Centre (FIC), the Ghana Revenue Authority (GRA), and the National Communications Authority (NCA).

The announcement marks a major policy shift from the Bank’s earlier cautionary position. In 2018 and 2022, the Bank warned that cryptocurrencies were not legal tender and directed financial institutions to avoid processing crypto-related transactions. The 2025 policy moves from warning to regulation.

The Bank said Ghana’s regulatory approach will be risk-based and activity-specific, ensuring that oversight intensity matches the risks involved in each type of virtual asset service.

High-risk activities such as trading and custody will face stricter licensing rules, while low-risk services will go through simplified procedures.

The Bank reaffirmed that virtual assets will not be recognised as legal tender in Ghana. It said the new regulatory framework aims to promote innovation, consumer protection, and financial stability while reducing exposure to money laundering, fraud, and terrorism financing.

The policy paper also proposes a National Virtual Assets Literacy Initiative (NaVALI), to be developed in partnership with the SEC and the Ministry of Education.

The initiative will promote public awareness and financial literacy, especially among young Ghanaians who make up most crypto users.

Ghana’s policy direction follows international standards set by the Financial Action Task Force (FATF), the International Monetary Fund (IMF), and the Bank for International Settlements (BIS).

The move places Ghana among a small group of African countries taking structured steps to regulate digital assets while supporting innovation.

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This was contained in market data released by the Central Bank on November 5, 2025.

The latest figure represents more than a 35% increase compared to the 28.1 tonnes recorded in October 2024, highlighting continued growth in Ghana’s official gold holdings.

Details of the Bank of Ghana’s Reserve Position

According to the data, the Bank of Ghana’s total gold holdings stood at 30.53 tonnes in December 2024, meaning about 7.51 tonnes have been added between January and October this year.

A careful look at the data showed that in some cases, the amount of gold reserves added by the Bank of Ghana on a month-to-month basis went up by more than 4 percent.

Bank of Ghana’s Gold Purchase Programme

The Bank of Ghana has attributed the steady growth in its gold reserves to its Domestic Gold Purchase Programme, launched in June 2021.

The initiative aims to strengthen Ghana’s reserve position by diversifying the Central Bank’s holdings through direct purchases of gold from local mining companies.

The move was also part of efforts to help reduce the Bank’s reliance on the US dollar, which is more vulnerable to global market volatilities and shocks compared to gold.

Under the programme, the Bank of Ghana buys gold from mining firms and pays them in Ghanaian Cedis.

The Central Bank had previously raised concerns about Ghana’s low gold reserves and stressed the need to improve the situation to strengthen the country’s external position.

Governor of the Bank of Ghana, Dr. Johnson Asiama, in a recent interview with Joy Business, reaffirmed the Bank’s commitment to preserving and growing Ghana’s total international reserves.

“This move should also go a long way in helping to firmly stabilise the cedi,” he added.

Impact

The strong gold reserve position is expected to boost market confidence in the Ghana cedi, given its signaling effect and implications for the Central Bank’s ability to defend the local currency.

Some market analysts have in the past argued that Ghana’s relatively weak reserve position encouraged speculation against the cedi.

The current build-up, they say, strengthens the Bank of Ghana’s hand in maintaining currency stability and curbing speculative activities in the foreign exchange market.

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In a notice issued on November 3, 2025, the central bank stated that unlicensed entities must submit the required documentation and meet all licensing requirements by June 30, 2026.

“Failure to comply with this notice will result in appropriate regulatory action being taken against the non-compliant entities,” the statement warned.

The Bank of Ghana also confirmed that, effective November 3, 2025, it has begun accepting applications from entities seeking to operate as Digital Credit Service Providers..

Customer deposits also increased by 106.56 per cent, rising from GH¢332.9 million in 2023 to GH¢687.8million in 2024.

Similarly, shareholders’ funds increased by 93.99 per cent from GH¢28.7 million in 2023 to GH¢55.7 million in 2024, as investments also rose up by 154.96 per cent, increasing from GH¢214.45 million in 2023 to GH¢546.7 million in 2024.

The bank’s share capital increased by 45.81 per cent from GH¢4.49million in 2023 to GH¢6.55million. Loans and advances also grew by 11.27 per cent, increasing from GH¢92.18million in 2023 to GH¢102.57 million.

Board Chair, Ben Kwakye-Adeefe, highlighted the impressive achievements of the bank in the year under review during the bank’s 40th annual general meeting (AGM) in Antoakrom in the Amansie West District of the Ashanti region.

Dividends

The Amansie Rural Bank has obtained prior approval from the Bank of Ghana to pay dividends to the shareholders for the financial year for two successive years.

The bank will make payment of total dividends of GH¢3.37Million; representing GH¢0.075 dividend per share with a total qualifying share of 45million as of November 30, 2024.

It represents a 50% increase in dividend per share over the 2023 dividend pay-out.

“It is partly due to your sacrifices, patience and support offered by the shareholders during the past years to enable the board and management to use retained profits from those years to develop the bank for future gains,” said the Board Chair.

On corporate social responsibility, Mr Kwakye-Adeefe said the bank spent a total of GH¢1.05million in 2024, representing 151 per cent increase over the previous year, to undertake several projects including the completion of the Amansie Community Centre in Antoakrom.

Admirable resilience and innovation

Managing Director of the ARB Apex Bank PLC, Alex Awuah, in a speech read on his behalf, said the Amansie Bank demonstrated admirable resilience, innovation and financial discipline despite the economic uncertainties and prevailing challenges on the financial sector.

He noted that the bank’s performance in the year under review was not just numbers but a reflection of prudent management, growing customer confidence and a strong governance that is steadily driving the bank towards long-term sustainability.

Mr. Awuah commended the Board of Directors for providing strategic leadership and management for their operational efficiency and integrity.

“Your performance is not only a source of pride for your shareholders but also an encouragement to the entire rural banking sector,” he said.

The people and local traditional council led by the Chief of Antoakrom, Nana Okyere Darko Ampem II, lauded the bank for its contribution to the growth of the local economy in the area and other interventions by the bank geared towards the growth of communities within its catchment areas.

Source: Emmanuel Bright Quaicoe

This aggressive enforcement action, effective October 30, 2025, is a crucial part of the Central Bank’s strategy to safeguard the stability of the Ghana Cedi and protect the nation’s foreign exchange reserves.

The New Repatriation Mandate: 120-Day Limit

Under the central bank’s new, tightened framework, exporters are now required to repatriate all export earnings through their nominated authorised dealer banks within 120 days of shipment.

This deadline allows for only a single possible extension of 60 days, which must be meticulously justified and officially approved by the BoG. This move replaces and repeals Section 4 of the previous Notice Number BG/GOV/SEC/2016/03, signalling a significant shift toward zero-tolerance compliance.

“All Authorised Dealer Banks shall ensure strict compliance with this notice and promptly communicate its provisions to their exporter clients. Consequently, Section 4 of Notice Number BG/GOV/SEC/2016/03 on Rules on Repatriation of Export Proceeds is hereby repealed with immediate effect,” the statement from the Bank declared.

The BoG is sending an unambiguous signal that financial indiscipline in the export sector will now attract criminal prosecution. Exporters who fail to comply with the 120-day rule risk being charged under Section 15(4) of the Foreign Exchange Act, 2006 (Act 723).

The penalties for non-compliance are steep:

• Monetary Fine: Fines of up to 5,000 penalty units.
• Imprisonment: Up to 10 years in jail.

This enforcement action aims to check the growing concern about forex leakages and unaccounted export proceeds, which have been widely cited as a contributor to periodic pressure on the local currency and limited foreign exchange liquidity.

The Central Bank has explicitly directed all authorised dealer banks to act as frontline enforcement agents. Banks are now required to:

1. Strictly comply with the new rules.
2. Notify their exporter clients of the changes.
3. Monitor export accounts closely.
4. Report any breaches or unexplained delays to the BoG immediately.

This measure forms part of the BoG’s broader raft of forex market reforms designed to tighten regulatory oversight and improve export traceability.

The goal is to ensure that all foreign currency earnings due to Ghana are properly accounted for within the formal banking system, thereby safeguarding monetary stability, improving balance of payments performance, and supporting sustainable economic growth.

Source: Joy Business

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The initiative will see the Central Bank auction about $300 million twice a week to licensed commercial banks on a spot basis.

This was disclosed in a notice to dealers and traders of participating commercial banks, sighted by JoyBusiness.

The Bank of Ghana stated that subsequent monthly volumes will depend on prevailing market conditions, adding that it remains committed to transparency in its operations. The Bank assured it will continue to publish all relevant information on its foreign exchange activities, including FX intermediation and intervention.

October Market Intervention

In October, the Bank of Ghana injected $1.15 billion into the market under the FX Intermediation Programme.

The dollar auction was conducted in what the Central Bank described as a market-neutral manner on a spot basis.

Market analysts believe these interventions played a major role in the cedi’s record appreciation in October 2025.

Data from the Bank of Ghana shows that the cedi appreciated by 13.9% against the dollar at the end of October 2025, and by 34.86% year-to-date.

Average daily trading volume on the interbank market stood at $22 million, contributing to a total monthly volume of $484 million.

Some commercial banks attributed the cedi’s rally to new forex and monetary policy measures that improved dollar supply and strengthened enforcement of foreign exchange regulations.

A key factor behind the stability, according to the Ghana Association of Banks, has been the Central Bank’s decision to revise its forex market interventions — moving from weekly auctions to spot sales for commercial banks. The Association said the policy has enhanced market efficiency.

Background

In October 2025, the Bank of Ghana began foreign exchange intermediation under the Domestic Gold Purchase Programme, with plans to sell up to $1.15 billion each month.

These sales are conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks.

During an engagement with banks, BoG Governor Dr Johnson Asiama explained that there would be no conditions or earmarking for allocations to ensure a level playing field and transparent market access.

“Monthly auction volumes may be adjusted depending on evolving market conditions, but our overarching objective remains clear: to deepen the interbank FX market, enhance price discovery, and smooth volatility,” he stated.

The reforms have introduced significant changes to how the Bank of Ghana intervenes in the forex market, with dollar sales now conducted in a market-neutral manner through twice-weekly open auctions accessible to all licensed banks.

Source: Joy Business

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She said the move forms part of government’s efforts to modernise the country’s financial sector and strengthen the use of technology in economic transactions.

The e-Cedi initiative was first explored in 2021 under the leadership of then-Governor Dr Ernest Addison. It is envisioned as a Central Bank Digital Currency (CBDC) that will serve as a digital alternative to physical cash.

Speaking at the launch of the 60th Anniversary Celebration of the Cedi in Accra on Tuesday, the Vice President highlighted the potential of the e-Cedi to enhance Ghana’s financial ecosystem.

“If the e-Cedi payment system is implemented, it will support the vision of a cashless economy, enhance financial inclusion, strengthen confidence in the cedi as Ghana’s sole legal tender, and ensure its continued relevance,” she said.

Professor Opoku-Agyemang noted that the rapid evolution of global finance makes innovation a necessity.

“Finance is evolving rapidly, and that is why the Bank of Ghana is developing and testing the e-Cedi — the digital form of our currency. Once fully implemented, it will modernise our payment system and secure a cashless future, ensuring the cedi retains its importance,” she stated.

The Vice President also urged the Governor of the Bank of Ghana and the Minister of Finance to work closely with businesses, banks, and innovators to ensure a smooth rollout of the new payment system.

She commended the Bank of Ghana, Deputy Governor Dr Johnson Pandit Asiamah, and Finance Minister Dr Cassiel Ato Forson for their roles in maintaining macroeconomic stability and public confidence in the national currency.

“Through prudent monetary policy and effective public engagement, the Bank has helped anchor expectations and restore a measure of credibility to our markets,” Professor Opoku-Agyemang remarked.

Source: Asantewaa Angela Amoako

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Speaking at the Cedi@60 celebrations in Accra, Dr Johnson Asiama said the economy has “turned a decisive corner,” backed by compelling evidence of progress.

He revealed that headline inflation continues to decline and is expected to end the year even lower, reflecting the effectiveness of the Bank’s monetary policy measures.

Dr. Asiama also highlighted the impressive performance of the local currency, noting that the Cedi has appreciated by 37 percent as of October 17, 2025.

“I’m proud to say we have turned a decisive corner, and indeed the evidence is compelling. Headline inflation is down, and the Cedi has appreciated strongly. These gains reflect the impact of sound and disciplined economic management,” the Governor said.

He added that the Bank remains committed to sustaining the gains through prudent policy interventions aimed at maintaining price stability and strengthening confidence in the Ghanaian economy.

“The Bank of Ghana remains fully committed to sustaining the gains we have made. We will continue to implement prudent and forward-looking policies to maintain price stability, strengthen the Cedi, and support overall economic growth”, he said.

The Bank of Ghana on Tuesday, October 28, 2025, launched a year-long commemoration of the milestone at the Accra International Conference Centre under the theme, “60 Years of the Cedi: A Symbol of Sovereignty, Stability, and Economic Resilience.”

Speaking on the floor of Parliament, Second Deputy Minority Whip, Jerry Ahmed Shaib, said all leaders who have played a role in strengthening the Cedi deserve to be acknowledged.

“I want to look at it from the angle that whoever has contributed to the proper evolution of the Cedi must be commended and celebrated. We have a list of names, and President Mahama is one of them, but anybody who has been president since the inception of the Cedi must be commended,” he stated.

He further stressed that former President Nana Addo Dankwa Akufo-Addo, who served for eight years, should be recognized as a major contributor to the Cedi’s stability.

According to management, the decision to write off the investments will not negatively affect the institution due to the robust financial statement.

The institutions that held these investments are Gold Coast Securities and SIC Financial Services Limited.

According to the Bank’s 2024 Financial Report, an outstanding balance of 3.8 million cedis remains with the National Trust Holding Company.

Of this amount, 105,000 cedis was recovered during the year under review.

Chief Executive Officer, Abraham Coffie, explained that writing off the locked-up funds ensures the Bank complies with International Financial Reporting Standards by removing non-existent assets from its books.

“Writing off such investments does not mean they are completely removed from the books. In the likely event that the receiver or Bank of Ghana honors their obligation, it becomes another income source for the Bank,” he added.

Mr. Coffie added “because the Bank is robust in terms of Capital Adequacy Ratio, its risk absorption capacity is very high. We have met the Bank of Ghana’s industry benchmark of 10 percent.”

The government’s Domestic Debt Exchange Program converted bonds worth 30.2 million cedis held by the Bank, which negatively affected the repayment of some investments.

Board Chairman of the Bank, Benedict Boadi, believes the release of these bonds will further improve the Bank’s operations and positively impact profitability.

Profit Margins

Odotobri Rural Bank PLC recorded a profit margin increase of over 117 percent for the year 2024. This marks a significant rise from the 13.6 million cedis recorded in 2023.

According to the Bank’s 2024 Financial Report, the improvement is largely attributed to increased deposits and investments during the review period.

Available data indicates that deposits increased by 64.15%, representing over GH¢516 million, while investments rose by 65.89%, totaling over GH¢398 million.

To the Board Chairman, “this increase was due to intensified mobilization efforts by Directors, Management, and Staff, coupled with growing public confidence in the Bank’s catchment area.”

Advances also increased by 42.21%, reaching over GH¢80 million.

Dividend Declaration and Corporate Social Responsibility

Following the improved financial performance, the Board of Directors has increased shareholder dividends to GH¢0.0075 per share.

This represents a 74.42% increase over the previous year’s dividend.

The proposed dividend amounts to GH¢2,420,674, representing 12.16% of profit after tax.

In the area of Corporate Social Responsibility, GH¢369,143.48 was invested in the Bank’s catchment communities to support various socio-economic initiatives.

Beneficiary areas included education, health, traditional support, and assistance to the Ghana National Fire Service, Ghana Prisons Service, and the Ghana Police Service.

In 2026, the Bank plans to open a new branch at a strategic location to grow its market share.

The Bank’s electronic channels will also receive critical attention as part of its expansion and customer service enhancement initiatives.

Source: Nana Yaw Gyimah

Speaking at the official launch of the 60th anniversary of the Cedi in Accra on Tuesday, October 28, Dr Asiama noted that the improved reserves position reflects prudent monetary management, favourable trade inflows, and ongoing fiscal consolidation efforts.

“Our gross international reserves are currently $12 billion,” he said.

He explained that the current reserve level is offering “a robust cushioning against external volatilities,” safeguarding the cedi and supporting stability in the foreign exchange market.

He reiterated the Bank’s resolve to pursue sound monetary policies aimed at preserving the gains achieved so far, while continuing to promote a resilient and inclusive financial sector that supports sustainable economic growth.

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Speaking at the launch of the 60th anniversary of the cedi in Accra, Dr Forson cautioned against the growing trend of pricing goods and services in foreign currencies, particularly the US Dollar, describing it as a practice that undermines the stability and integrity of the cedi and Ghana at large.

“Let me use this opportunity to once again stress that as Ghanaians, the Ghana Cedi remains the only legal tender; the US dollar is not our currency; the Cedi is our only currency,” he said.

He emphasised that trading in foreign currencies fuels exchange rate pressures and weakens confidence in the domestic economy.

“The continued pricing of goods and services in the US dollar will only hurt us; let’s stop it and let us stop it now.”

The minister, therefore, called on all citizens, traders, and institutions to demonstrate patriotism by supporting the cedi and reinforcing its use in daily economic activity.

“The Cedi is the only currency we have, let us protect it, let us trade with it and let us defend it with all vim within us. Let us talk about the Cedi with pride not as a burden.”

Source: Albert Kuzor  

Speaking at the Cedi@60 celebrations in Accra, the Vice President said rebuilding trust in the Ghanaian currency requires coordinated efforts between the central bank, financial institutions, and the private sector.

“The Bank of Ghana must continue to work closely with banks, businesses, and market players to strengthen stability and rebuild confidence in the Cedi,” she said.

She noted that while recent data shows encouraging signs of recovery including a stronger Cedi and easing inflation the gains must be consolidated through discipline and partnership.

The Vice President also called on the Ministry of Finance to uphold strict fiscal responsibility, noting that prudent public spending and debt management remain critical to sustaining macroeconomic stability.

“The Ministry of Finance must continue to uphold fiscal responsibility. Monetary stability can only be effective when supported by sound fiscal policies,” she added.

Professor Naana Opoku Agyeman commended the Bank of Ghana for its decisive policy measures in recent years, which have helped curb inflation, stabilize the Cedi, and restore investor confidence.

She said government remains committed to working with the central bank and other economic actors to build a resilient, self-reliant economy capable of withstanding future shocks.

Source: James Eshun   

He said the Cedi@60 celebration should be seen not merely as a ceremonial milestone but as a renewed call to defend the country’s economic sovereignty.

Speaking at the anniversary event themed “Sovereignty, Stability, and Resilience” in Accra, Dr. Asiama said the occasion was a time for reflection on Ghana’s financial journey and the collective responsibility to preserve the gains made over the decades.

“Let me be clear, this is not just another policy event. It is a moment for Ghana to pause and reflect — not on what we have built so far, but on what we must now protect and advance,” he stated.

“This anniversary belongs to all of us because when we celebrate the Cedi, we celebrate our journey towards economic self-reliance and national confidence,” he added.

Dr. Asiama recounted Ghana’s landmark decision in 1965 to replace the Ghanaian Pound with the Cedi, describing it as a “powerful declaration” of economic independence and self-determination.

“Sixty years ago, Ghana made a powerful declaration. We said farewell to the Ghanaian Pound and introduced the Cedi, our very own national currency. In doing so, we were not just changing banknotes — we were affirming that Ghana’s independence must include the ability to define and defend our own monetary destiny,” he said.

Reflecting on the Cedi’s evolution, the Governor highlighted key reforms, including redenominations in 1967 and 2007, as well as the addition of security features, commemorative editions, and Adinkra symbols that celebrate Ghanaian heritage.

“Each transformation over the years — from the integration of advanced security features and commemorative notes to the use of indigenous symbols and portraits of our national heroes — reflects Ghana’s story: one of resilience, innovation, and pride,” he remarked.

He emphasised that the Cedi remains more than a means of exchange — it is a symbol of national pride and shared determination.

“Whether it’s exchanged in bustling markets, used to pay salaries, or saved for future dreams, the Cedi stands as a lasting symbol of our journey and our unyielding commitment to shape our own destiny,” Dr. Asiama said.

The Cedi@60 celebration marks six decades since Ghana introduced its national currency, replacing the Ghanaian Pound in 1965, symbolising the nation’s continuous pursuit of economic sovereignty and stability.

Source: Adomonline

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Speaking on Joy FM’s Super Morning Show, he said key economic indicators such as inflation, interest rates, and fiscal deficit are trending in the right direction — helping to support the cedi’s performance.

“I think the cedi has relatively stabilised and confidence in holding the currency has really increased,” Prof. Quartey stated.

He explained that the government’s efforts to reduce overspending and maintain a “decent deficit” while stimulating sustainable economic growth are contributing to the positive outlook.

The ISSER economist also praised the Bank of Ghana for its active communication and engagement efforts, which he believes help strengthen public trust in monetary policy.

“You need to get people to have confidence in the economy and confidence in the cedi,” he said, recommending that financial education be extended to young people, similar to practices by the Bank of England.

This year marks 60 years since the introduction of the Ghana cedi as a symbol of national sovereignty and economic resilience. The celebration has revived discussions about ensuring long-term currency stability.

With the cedi expected to end the year appreciating against the US dollar — a rare occurrence since the redenomination in 2007 — Prof. Quartey noted that there is hope for sustained progress but emphasised the need to “continue building confidence” in the local currency.

Source: Caleb Ahinakwah  

This is relative to GH¢6.7 billion recorded during the same period in 2024.

According to the September 2025 Monetary Policy Report, the banking sector posted a growth in all income lines in August 2025, with other income growing at 47.3% compared to a contraction of 2.9% for the same period last year.

Net interest income picked up by 21.8% to GH¢19.2 billion from 16.9% in August 2024.

On year-on-year basis, interest income improved by 21.5% to GH¢29.3 billion in August 2025 from GH¢24.3 billion in August 2024.

Interest expense also increased to GH¢10.2 billion in August 2025 from GH¢8.4 billion in August 2024, representing a growth rate of 20.9%, relative to the 22.1% growth recorded in August 2024.

The growth in net interest income is attributable to the slowdown in interest expense due to lower interbank lending rates in August 2025 compared to August 2024.

Net fees and commissions recorded a growth of 13.1% in August 2025, down from 22.9% a year ago, while “other income” surged by 47.3% to GH¢4.8 million compared to a contraction of 2.9% in August 2024.

These developments resulted in a 28.0% growth in the industry’s net operating income in August 2025, compared with the 10.9% growth recorded a year ago.

The cost lines also recorded similar increases in August 2025; however, the difference in growth rates between August 2025 and August 2024 was marginal.

According to the report, the banking industry’s operating expenses grew by 19.5% in August 2025, compared to 18.9% in 2024, on the back of a negligible growth in staff costs and other operating (administrative) expenses.

The provisions for depreciation, bad debt and impairment losses on financial assets contracted further by 46.0% in August 2025, compared to the 19.2% contraction recorded in August 2024. This is on account of the increase in write-offs and recoveries during the review period.

Return on Assets and Return on Equity

The banking sector’s profitability indicators, namely, return-on-assets (ROA), and return-on-equity (ROE), improved during the period under review.

This follows the robust growth of profit-before-tax and profit-after-tax.

The ROE increased from 31.4% in August 2024 to 32.2% in August 2025, while the ROA also went up to 5.6% from 4.9% over the same comparative period.

Source: Joy Business

This was supported by improved market sentiment and steady central bank interventions.

It appreciated to GH¢10.85 per US dollar (+9.68%), GH¢14.42 per pound (+10.00%), and GH¢12.61 per euro (+9.16%) on the interbank market.

Retail market activity reflected similar momentum, with the cedi advancing 6.53% against the US dollar to close at GH¢12.25 from GH¢13.05, 5.54% against the pound to GH¢16.25 from GH¢17.15, and 5.26% against the euro to GH¢14.25 from GH¢15.00.

Over the past two weeks, the cedi has clawed back most of its losses as enhanced foreign exchange liquidity from the central bank has eased negative sentiment, likely triggering sell-offs by some market participants to unwind earlier high positions.

This corrective reaction most likely fuelled the sharp appreciation.

“In the coming weeks, we expect relative stability following the release of pent-up market momentum. Sustained foreign exchange inflows and renewed confidence ahead of the budget presentation should anchor this outlook. With gold’s reclassification as a top-tier liquidity asset under Basel III ‘Endgame’ reforms and shifting reserve preferences among central banks, confidence in hard assets has strengthened,” Databank Research said.

Together with the expected US$385 million disbursement in December 2025, its near-term outlook for a stronger cedi remains firm.

Meanwhile, the local currency started this week recording some further gains against the US dollar.

It is going for GH¢12.10 to one American greenback in the retail market.

Its year-to-date gain stands at 28.84% to one US dollar.

Source: Joy Business

Speaking on Joy FM’s Super Morning Show during the launch of Cedi@60 on Tuesday, Mr Awuah said the banking sector had faced supply constraints at the peak of Ghana’s economic crisis in 2022 and 2023, when the Central Bank assumed temporary control over forex inflows from major exporters such as mining, oil, and telecom companies.

“At the height of the crisis, the Central Bank took some temporary measures of having almost absolute control over the currency in terms of supply,” he explained.

“Given the level of stability we’ve had, the Central Bank has revised or unwound that policy, which is a very key one because all the market is looking for is assurance of supply.”

He noted that routing export proceeds directly to the BoG limited the ability of commercial banks to intermediate effectively. The reversal, he said, now allows mining and oil companies to channel forex through the banking system again, ensuring improved liquidity.

Mr Awuah also highlighted changes to the net open position policy, which regulates how much foreign currency banks can hold at any given time. The BoG has reduced the long position threshold from +5 to zero.

“If you are a bank and you get dollar supply, you have no business keeping it on your balance sheet,” he stressed.

“As dollars or euros are coming in, you have to offload to the market. When you do that, you improve the supply.”

The GAB CEO said the policy is designed to discourage hoarding and strengthen market confidence by ensuring forex reaches importers and businesses that need it.

Cedi@60 — themed “60 Years of the Cedi: A Symbol of Sovereignty, Stability, and Economic Resilience” — marks six decades since Ghana introduced the cedi as its national currency.

The celebration comes at a time when the government and central bank continue efforts to support sustained currency stability amid global economic pressures.

Mr Awuah reaffirmed the banking sector’s commitment to working closely with the BoG and the Ministry of Finance to maintain the cedi’s stability and reinforce public confidence in Ghana’s currency.

Source: Caleb Ahinakwah  

According to auction results from the Bank of Ghana, the T-bills were undersubscribed by 30%.

According to trading results by the Bank of Ghana, the government got GH¢4.760 billion from a target of GH¢6.824 billion.

For the first time in several weeks, it accepted all the total bids.  

A little over 73% of the bids came from the 91-day bill.  About GH¢3.4 billion of the bids were tendered.

For the 182-day bill, GH¢785.31 million of the bids were tendered.

Also, GH¢487.5 million of the bids were offered for the 364-day bill.

Meanwhile, interest rates were mixed on the yield curve.

The yield on the 91-day bill decreased by 2.0 basis points to 10.67%. 

That of the 182-day bill, however, went up to 12.46% from the 12.43% the preceding week.

The yield on the 364-day bill fell by 5.0 basis points to 12.87%.

Source: Joy Business

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According to a leading financial research firm, IC Research, this is on the back of a further drop in inflation in October 2025.

Ghana’s annual headline inflation returned to the Bank of Ghana’s medium-term target band for the first time since August 2021. The headline Consumer Price Inflation declined sharply by 210 basis points to 9.4% year-on-year in September 2025, falling faster than IC Research’s forecast decline of 190 basis points.

The disinflation was largely broad-based as goods inflation, which accounts for 72.5% of the overall CPI basket, eased by 270 basis points to 11.2% year-on-year. The services inflation also moderated by 60 basis points to 4.8% year-on-year.

“In our view, this reflects recent foreign exchange shift to the upside and the resultant upticks in domestic energy prices.

“We view the first single-digit headline inflation in September 2025 as a confirmation that the Ghanaian economy has progressed decisively towards price stability after over four years of double-digit price increases”, IC Research explained.

“While upside risk to the near- and medium-term path looms, we believe the authorities would be minded by the need to lock in the gains with continued policy credibility. The durable moderation in inflation risk has further strengthened the case for another cut in the nominal policy rate with downside scope for domestic bond yields in 4Q2025 [4^th quarter of 2025]”, it added.

The Bank of Ghana cut its policy rate to 21.5% from 25% in September 2025, as a result of easing inflation.

Source: Joy Business

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According to the bank, following continued engagements with the regulator, it has been advised that, due to non-compliance with the single obligor limit arising from the conversion of restructured cocoa bills into bonds, regulatory “no objection” for the dividend payment cannot be granted at this time.

In a statement from the Corporate Affairs Department, the bank, however, said it is actively engaging with the Bank of Ghana to resolve this matter as quickly as possible and to restore full compliance.

“The Bank is actively engaging with the regulator to resolve this matter as quickly as possible and to restore full compliance.”

“GCB Bank PLC regrets any inconvenience this development may cause and assures shareholders and stakeholders of its unwavering commitment to regulatory compliance, financial soundness, and the protection of shareholder value”, it pointed out.

The dividend payment was approved at its Annual General Meeting (AGM) held on May 2, 2025, for the financial year ended December 31, 2024.

Source: Joy Business

According to him, the move is aimed at protecting consumers while fostering stronger partnerships between fintechs and banks.

Dr Asiama made this known when he addressed members of the Ghana Association of Banks at their 42nd Annual General Meeting on October 23, 2025, which also coincided with the launch of the Ghana Bankers Voice Magazine.

He noted that the Bank of Ghana’s Open Banking Framework, currently in its proof-of-concept phase, “will enable secure data sharing between banks and fintechs under clear standards for consent, privacy, and cybersecurity.”

Dr Asiama further disclosed that the Bank of Ghana is collaborating with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC), among others, to develop formal cryptocurrency regulations by December 2025.

“I am pleased to say we have finalized the bill ready for submission to Cabinet. This progress places Ghana among the first African jurisdictions to regulate digital-asset activity prudently,” he stated.

Deepening Financial Intermediation

The Governor also announced that the Bank of Ghana is working with Development Bank Ghana, the World Bank, and Afreximbank to expand access to credit and trade finance through risk-sharing facilities.

“We are aligning Ghana’s banking infrastructure with continental systems like the Pan-African Payment and Settlement System (PAPSS), which enables cross-border payments in local currencies,” he said.

He added that the Bank, with support from the International Monetary Fund (IMF), has launched a structured foreign exchange operations framework to improve price discovery, reduce volatility, and rebuild reserves.

Dr. Asiama also revealed that the central bank is developing a comprehensive Digitalisation Strategy to guide how it uses technology and data to serve the financial system more effectively.

“We are sending our teams out to the best central banks — from Singapore to London to the Philippines — to learn, experiment, and benchmark against the best, bringing global lessons home,” he disclosed.

He added that a dedicated Bank of Ghana team will soon engage with the Ghana Association of Bankers and individual banks to ensure their perspectives help shape the digitalisation strategy from inception.

AI-Driven Supervision

Dr Asiama emphasised that the central bank is committed to enhancing oversight in the banking sector through technology and innovation.

He revealed that the Bank of Ghana is investing in AI-driven supervisory tools and operationalising a Cyber Threat Intelligence Platform to facilitate information sharing between banks and fintechs.

“As banks migrate more systems to the cloud, operational resilience and third-party risk management will become as critical as capital adequacy.

“Cyber maturity is now a measure of institutional soundness, and our supervisory priorities will increasingly reflect that,” he explained.

The Governor further disclosed that the Bank is piloting an ESG and Climate-Risk Reporting Template to embed sustainability into credit and investment decisions.

“Innovation without trust will not endure, but prudence must never again be an excuse against innovation,” he stressed.

He concluded by urging commercial banks to recognise the changing nature of Ghana’s customer base.

“More than 60 percent of Ghanaians are under 35. For them, banking is not a destination — it is an experience that follows them everywhere,” Dr. Asiama stated.

Source: Joy Business

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This was 0.2 percentage points higher than that of August 2025.

It was, however, 27.3 percentage points lower than the September 2024 producer inflation rate

According to the Ghana Statistical Service (gss), the producer price inflation on a month-on-month basis, the producer price inflation between August and September 2025 was 0.9%.

Thus, on average, prices received by producers for their goods and services increased by 0.9% in September, compared to August 2025.

Mining and Quarrying, the largest sector with a weight of 43.7%, recorded a 0.1 percentage point increase in inflation from 4.9% in August to 5.0% in September 2025.

Similarly, Manufacturing, which makes up 35% of the PPI weights, increased from 1.6% to 1.7%, gaining 0.1 percentage point.

Transport and storage prices continued to fall, declining by 8.2% in September 2025 compared to a price decline of 8.0% in August 2025.

The GSS recommended that businesses cut waste, boost efficiency, and reinvest savings in technology and skills.

It also urged businesses to turn inflation pressure into productivity gains.

It also advised that the government to target tax relief, fix energy and transport gaps, and strengthen local supply chains to make production cheaper and faster.

For households/consumers, it advised them to compare prices, buy smart, and favor sellers who pass savings to them.

“Spend with intention to stretch income and reward fair pricing”, it concluded.

Source: Joy Business

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• Gov’t Statistician urges agricultural investment to sustain food inflation gains

• IMF forecasts 4%  growth rate for Ghana in 2025 and holds inflation at 12%

According to the latest data from the Fund, Ghana’s outstanding loan to the IMF was 2.59 billion Special Drawing Rights (SDR).

Egypt is ranked 1^st in Africa with the highest outstanding loan in Africa, with a total debt of 6.89 billion SDR.

From 2^nd to 4^th are Côte d’Ivoire (3.10 billion SDR), Kenya (3.01 billion SDR and Angola (2.66 billion SDR).

Meanwhile, Nigeria and Morocco continue to be out of the top ten.

The IMF loans provide temporary relief to member countries, while also leading to a potentially troublesome debt.

A high level of IMF borrowing increases a country’s overall debt, a situation that requires prudent fiscal management.

The loans often come with conditions, placing further constraints on the government’s financial flexibility.

Source: Joy Business

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He wants to make the Ghana cedi the sole currency of trade and payment in the country.

Speaking in an interview with the IMF at the ongoing IMF/World Bank Spring Meetings in Washington DC, Dr Asiama said de-dollarisation has become central to achieving monetary and price stability.

He described the persistence of dollar use in Ghana’s economy as a structural weakness that undermines the effectiveness of monetary policy.

“So my mandate is clear — to achieve price and financial stability. It’s been eight months now. I believe we are on course. We are on course towards achieving that. But a couple of things bother me.

“First of all, the issue of dollarisation. You know, I’ve seen this for many years. I started central banking some 30 years ago. The phenomenon has been there, and so we are tackling it,” he said.

Dr Asiama disclosed that the central bank will use the upcoming Cedi at 60 celebration to launch a renewed campaign to promote exclusive use of the local currency in all transactions.

“On the 28th of this month, we are having the Cedi at 60 celebration. The local currency will be 60 years old this year, and we want that to mark a new beginning, because when we use the local currency in all transactions, that enhances the efficiency of monetary policy.”

He stressed that reducing dollar dependence would be one of the key legacies he hopes to leave behind.

“It’s at the core of most of our problems, and so it’s one of the things I would want to be remembered for — that I came, I solved that problem, I made the local currency the currency of choice,” he noted.

Dr. Pandit also outlined a broader vision for the Bank of Ghana, emphasising the need for institutional agility to keep pace with global financial evolution.

“The next thing is to have a central bank that is agile, a central bank that is ready and able to contend with the new challenges that most central banks face,” he said.

He cited the rise of fintech and cryptocurrencies as new areas of risk requiring proactive regulation.

“As I said when I started my career some 30 years ago, many of the things we are seeing now weren’t there. For example, fintechs — we do not have fintechs those days.

“But I believe that if not handled properly, fintechs, for example, in that area could be an area where a risk could emerge going forward.

“And so we are looking at that industry well. We are mending the legislation there as well. And then you have the cryptocurrencies as well. This is another challenge for central banks,” he said.

Dr Asiama said his goal is to position the central bank as a forward-looking institution capable of responding to emerging risks with confidence and flexibility.

“What I want to see is a central bank that is ready and able to adapt. It is critical today. It could be something else tomorrow. It could be anything. Who knows. But we should have the manpower, we should have that agility, we should have the balance sheet to be able to contend with any of these risks as they emerge in the future. That’s what my vision is,” he concluded.

Source: Abubakar Ibrahim

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Speaking in Washington DC during the ongoing IMF/World Bank Spring Meetings, he said his clear mandate is to achieve price and financial stability, and that after eight months in office, he believes the country is on course.

He said one of the biggest challenges confronting the economy is dollarisation, a problem he has observed throughout his 30-year career in central banking.

According to him, the widespread use of foreign currency undermines the effectiveness of monetary policy and weakens confidence in the cedi.

“I’ve seen this for many years. I started central banking some 30 years ago. The phenomenon has been there, and so we are tackling it to make the local currency the sole legal tender,” he said.

Dr Asiama disclosed that on October 28, the Bank of Ghana will mark the 60th anniversary of the cedi in an event dubbed “The Cedi at 60.” 

He said the celebration will symbolise a new beginning for Ghana’s currency regime.

“We want that to mark a new beginning, because when we use the local currency in all transactions, that enhances the efficiency of monetary policy,” he said.

“It’s one of the things I would want to be remembered for, that I came, I solved that problem, I made the local currency the currency of choice.”

Beyond currency stability, Dr Asiama said his vision is to modernise the central bank to effectively manage emerging risks in the financial ecosystem.

He noted that the banking landscape has changed dramatically from when he began his career three decades ago.

He cited fintechs and cryptocurrencies as new realities that must be managed carefully to preserve financial stability.

“We do not have fintechs those days, but I believe that if not handled properly, fintechs, for example, that area could be an area where a risk could emerge going forward. And so we are, you know, looking at that industry well. We are mending the legislation there as well,” he said.

On digital assets, Dr Asiama acknowledged that cryptocurrencies pose another challenge for modern central banks.

He emphasised the need for a forward-looking institution that can adapt to any emerging threat or innovation.

“What I want to see is a central bank that is ready and able to adapt. It is critical today. It could be something else tomorrow. It could be anything. Who knows, but we should have the manpower, we should have that agility, we should have the balance sheet to be able to contend with any of these risks as they emerge in the future,” he said.

For Dr Asiama, his defining legacy will not only be about achieving monetary stability but also about creating a resilient, adaptive, and innovative central bank prepared to meet the demands of a rapidly changing financial world.

Source: Abubakar Ibrahim

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This is coming after it posted a 23% oversubscription of the short-term instruments the previous week.

According to trading results by the Bank of Ghana, the government got GH¢2.92 billion of the short-term instruments as against a target of GH¢6.57 billion.

Ghana travel guide

It, however, accepted GH¢2.08 billion of the total bids.  

A little over 71.2% of the bids came from the 91-day bill compared with 83% the preceding week.  About GH¢2.085 billion of the bids were tendered. The uptake was GH¢2.080 billion.

For the 182-day bill, GH¢704.6 million of the bids were tendered. The bids accepted were estimated to the tune of GH¢699 million.

Also, GH¢136.5 million of the bids were tendered for the 364-day bill. About GH¢110 million of the bids were accepted. 

Meanwhile, the yield on the 91-day bill increased by 16 basis points to 10.69%. 

That of the 182-day bill also shot up to 12.43% from 12.30% the preceding week.

The yield on the 364-day bill rose by 5.0 basis points to 12.92%.

Source: Joy Business

Ghana travel guide

This follows social media posts and reports from some media outlets suggesting that commercial banks were implementing the charge based on instructions from the government and the Bank of Ghana (BoG).

Responding to questions from Joy Business, the Chief Executive of the Ghana Association of Banks, John Awuah, described the reports as false.

“I can confirm that the Ghana Association of Banks and its member banks have not received any directive from the government or the Bank of Ghana to deduct any tax on card transactions,” Mr. Awuah stated.

He added that while e-commerce transactions could have tax implications, no such directive has been received from either the Bank of Ghana or the Government of Ghana.

Mr. Awuah further explained that this may have stemmed from a misunderstanding of a recent regulatory directive which instructed banks to standardise their pricing models for payment card transactions.

“The directive had nothing to do with taxation,” he clarified.

According to him, the measure was introduced to promote clarity, consistency, and consumer protection in the pricing of foreign currency transactions on international cards. In fact, it resulted in a reduction in fees charged by banks for cross-border card transactions.

Addressing concerns that the news could discourage debit card use, Mr. Awuah downplayed any potential impact.

“Our member banks communicate clearly with their customers, and their pricing guides are transparent. Moreover, customers are unlikely to notice any difference in transaction pricing,” he noted.

He emphasised that, “In effect the Bank of Ghana’s notice to banks rather resulted in reduction in the charges to the cards of customers”

Mr. Awuah also assured the public that banks remain committed to transparency in all their dealings, particularly regarding the pricing of financial products.

“I would like to thank those who took the initiative to verify information with the Association and their respective banks after seeing the social media post,” he said.

He encouraged customers to always refer to official sources for accurate information:

“We encourage the public to visit their banks’ websites or branches to review the latest policy updates and obtain accurate information” he said 

On the way forward, Mr. Awuah advised Ghanaians to be cautious about financial information circulated online.

“Always verify such claims directly with your bank or trusted institutions like the Ghana Association of Banks before sharing or acting on them,” he advised, warning that “misinformation can cause unnecessary panic and confusion.”

“It’s important to rely on official channels for accurate and up-to-date information,” he concluded.

Source: Joy Business

Sources with knowledge of Ghana’s IMF programme in Washington, D.C., told Joy Business that this date follows a staff-level agreement reached with Ghana in October 2025.

According to insiders, the board meeting is scheduled for December to allow sufficient time for the final staff report on Ghana to be prepared for the Executive Board’s consideration.

A key document currently awaited is the Audit Report on Arrears, which is expected to be released by the government later this week.

The report will undergo scrutiny across several IMF departments before submission to IMF Management for review.

Following this process, a slot will be secured for the Executive Board to assess the report. If Ghana passes the assessment, the board is expected to approve a disbursement of approximately $380 million to the Bank of Ghana, likely before mid-December 2025.

Sources indicate that, given Ghana’s current performance, it is highly likely the Executive Board will approve the Fifth Programme Review.

Impact on Markets and Investors

Market analysts note that the significance of the board approval goes beyond the US$380 million disbursement.

The decision will send a strong signal to donors and investors about Ghana’s commitment to fiscal discipline and adherence to IMF programme conditions.

Government officials have also assured markets that fiscal discipline will continue after Ghana exits the IMF programme in May 2026.

While concerns have been raised about the risk of unsustainable spending post-programme, sources insist that Ghana’s current performance under the IMF demonstrates a strong commitment to prudent economic management.

To further bolster investor confidence, the government is reportedly considering subscribing to one of the IMF’s policy instruments, though not a full programme.

Officials argue this would provide an additional signal of stability and assure markets that fiscal discipline will be maintained.

IMF Highlights Ghana’s Progress

The IMF has acknowledged Ghana’s meaningful progress in establishing a foundation for fiscal discipline post-programme.

During a press conference in Washington, D.C., IMF Director of Communications Julie Kozack highlighted key initiatives, including a revamped fiscal responsibility framework, the establishment of an independent fiscal council, and improvements in public financial management aimed at enhancing the efficiency of public spending.

Fifth Programme Review Details

On October 10, 2025, the IMF announced it had reached a staff-level agreement with Ghana following a two-week mission to assess developments on the ground.

The agreement is subject to IMF Management approval and Executive Board consideration.

Once the Executive Board review is complete, Ghana will have access to SDR 267.5 million (approximately $385 million), bringing total IMF financial support under the arrangement since May 2023 to SDR 1,975.5 million (about $2,825 million).

The IMF staff report also commended Ghana’s progress in key areas, including debt restructuring, fiscal consolidation, energy sector reforms, foreign exchange operations, and financial sector resilience.

“The authorities are making progress on debt restructuring, fiscal consolidation, energy sector reforms, foreign exchange operations, and financial sector resilience,” the report noted.

Source: Joy Business  

Speaking in Washington DC at the ongoing IMF/World Bank Spring Meetings, he said the central bank has observed a shift in remittance patterns, with some inflows now routed through virtual assets and stablecoins instead of regulated financial institutions.

“Crypto is one area. We always knew that the phenomenon was there,” he said. “But as you know, as some people say, crypto is like the air we breathe. It’s around us. It’s used around us. If you don’t engage in it, you don’t know it’s going on.”

He explained that the trend became evident when official remittance inflows suddenly dropped, coinciding with a period of local currency appreciation.

The shift, he said, was partly driven by Ghana’s strengthened cedi, which reduced the local value of transfers from abroad.

“But we saw the phenomenon at play when remittances suddenly reduced; apparently, the local currency had appreciated,” Dr Asiama noted.

“And so therefore the diaspora that was sending the money, some of them, were getting lesser amounts in local currency terms. And so we saw a diversion by way of the channels of transmission. It was no longer going through the banks.”

He said the Bank of Ghana later discovered that parallel market dealers were using stablecoins and other virtual assets to transfer funds into the country.

“What we observed was that some of the parallel market dealers through which these were coming indicated to us that they were using stablecoins and what have you. And so suddenly there was that active use of virtual assets, you know, to terminate even remittance inflows,” he explained.

Dr Asiama said this development confirmed the central bank’s earlier assessment that cryptocurrency activity in Ghana was more widespread than previously recognised.

“So it confirmed our sense that it was an important area. We could not leave it just as that. We have to, you know, step up and be able to regulate and monitor these,” he said.

He revealed that the Bank of Ghana, with technical assistance from the International Monetary Fund (IMF), has since drafted a new Virtual Assets Bill to regulate cryptocurrency operations and protect the financial system from emerging risks.

“We’ve done a lot of work in the past four months to put together the regulatory environment, and I must thank the IMF again. They’ve helped us to put together a new bill to regulate virtual assets,” Dr Asiama said.

“That bill is on its way to Parliament as I speak, and so hopefully before the end of December, we should be able to regulate cryptos in Ghana.”

The Governor stressed that regulation alone will not be enough. The ability to track and monitor digital flows, he said, will be essential for maintaining financial integrity.

“But I must say that passing a law is just one step in this process. Going down the road, the ability to monitor those flows will be key,” he said.

“So therefore, we are developing the expertise, we are developing the manpower. We are putting together a new department altogether that will help us to regulate that area.”

Dr Asiama said the central bank is determined to build the institutional capacity required to oversee Ghana’s fast-evolving digital finance ecosystem.

“But yes, it is an important area,” he concluded. “We can no longer ignore it, and we are trying very hard to be able to regulate that as well.”

Source: Abubakar Ibrahim

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He says a new bill to govern virtual assets has already been drafted with support from the International Monetary Fund (IMF) and is now on its way to Parliament.

Speaking in Washington DC at the ongoing IMF/World Bank Spring Meetings, Dr Asiama said the move follows growing evidence of cryptocurrency use in the country, particularly in the remittance and informal exchange markets.

“Crypto is one area. We always knew that the phenomenon was there. But as you know, as some people say, crypto is like the air we breathe. It’s around us. It’s used around us,” he said.

“If you don’t engage in it, you don’t know it’s going on.”

According to the Governor, the central bank first noticed the scale of crypto activity when remittance inflows through the banking system suddenly declined after the appreciation of the cedi earlier this year.

He explained that many people in the diaspora were getting lower returns in local currency terms, prompting a shift to alternative digital channels.

“We saw the phenomenon at play when remittances suddenly reduced; apparently, the local currency had appreciated. And so therefore the diaspora that was sending the money, some of them, were getting lesser amounts in local currency terms,” he said.

“And so we saw a diversion by way of the channels of transmission. It was no longer going through the banks.”

Dr Asiama disclosed that investigations by the Bank of Ghana revealed that some of the dealers operating in the parallel foreign exchange market were using stablecoins and other virtual assets to facilitate cross-border transfers.

“What we observed was that some of the parallel market dealers through which these were coming through indicated to us that they were using stable coins and what have you,” he said.

“And so suddenly there was that active use of virtual assets, you know, to terminate even remittance inflows. So it confirmed our sense that it was an important area.”

The Governor said the central bank could no longer ignore the rapid spread of digital currency use in Ghana’s financial system and had decided to act decisively.

“We could not leave it just as that. We have to step up and be able to regulate and monitor these,” he said.

“We’ve done a lot of work in the past four months to put together the regulatory environment, and I must thank the IMF again. They’ve helped us to put together a new bill to regulate virtual assets.”

Dr Asiama confirmed that the new Virtual Assets Bill is currently being processed for parliamentary approval and should take effect by the end of December.

“That bill is on its way to Parliament as I speak, and so hopefully before the end of December, we should be able to regulate cryptos in Ghana,” he said.

The Governor, however, cautioned that legislation alone will not be enough. He said the central bank is building the necessary institutional capacity to monitor crypto-related flows and enforce compliance once the new law is passed.

“But I must say that passing a law is just one step in this process,” he said. “Going down the road, the ability to monitor those flows will be key. Therefore, we are developing the expertise and we are developing the manpower. We are putting together a new department that will help us to regulate that area.”

Dr Asiama reiterated that cryptocurrency and digital assets have become too significant to be ignored.

He emphasised that the Bank of Ghana is determined to establish proper oversight to protect the financial system and ensure transparency.

“Yes, it is an important area. We can no longer ignore it, and we are trying very hard to be able to regulate that as well,” he said.

Source: Abubakar Ibrahim

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Speaking in an interview on Joy FM’s Newsnight, Prof Bokpin described the strengthening of the cedi as “a great cost to the country.”

He warned that the policies and interventions sustaining it are eroding private sector competitiveness and threatening environmental sustainability.

“We are achieving this aggressive strengthening of the currency at a great cost to the country.

“In a certain stance, we are reminded to aggressively deal with illegal mining because we suspect there could be a structural break in the supply of gold.

“People are dying, and we are destroying our water bodies—all because 32 million people are obsessed with a low exchange rate.”

According to him, while the Bank of Ghana’s interventions have helped to stabilise the cedi, they have come at the expense of credit availability and growth.

“If you track the data, you’ll notice that the level of stabilisation the Bank of Ghana has done runs into billions of cedis. That credit, which could have been available for businesses to borrow at low cost, expand, and create jobs, is no longer available,” he explained.

Prof Bokpin cautioned that such an approach undermines long-term economic resilience and stifles private sector growth.

“What that means is that we are having this aggressive strengthening at a great cost to private sector competitiveness,” he stressed.

He urged policymakers to balance currency stabilisation efforts with strategies that promote sustainable economic growth, protect the environment, and ensure that fiscal and monetary policies do not choke private sector recovery.

His comments come after the Ghana cedi recorded one of its biggest gains against the dollar since the third quarter of 2025.

Data from major commercial banks seen by Joy Business show that between October 6 and October 10, 2025, the cedi appreciated by about 5% on the interbank market.

This marks the first time since the third quarter of 2025 that the cedi has posted such sharp gains against the U.S. dollar.

Source: Emma Ankrah

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Speaking in an interview with the IMF during the ongoing IMF/World Bank Spring Meetings in Washington DC on October 16, he said recent interventions by the Bank of Ghana were temporary measures to cushion the market during a period of heavy outflows and lumpy payments.

“Yes, there were allegations about whether we were intervening in the market,” he said. “But that was not exactly the case.”

He explained that between the second and third quarters, the central bank had to meet large financial obligations, including billions of dollars in arrears owed to Independent Power Producers (IPPs).

The period also saw some domestic debt exchange bondholders deciding to exit their investments following the appreciation of the cedi.

“There were all these large arrears in payments to some of the IPPs,” he said.

“And we also had some of the domestic debt-affected bondholders that wanted to exit. Because the currency had appreciated, they felt it was the right time to take up their investment. We had to allow them to go.”

Dr Asiama said the Bank of Ghana was compelled to make significant payments between July and August to settle those obligations, leading to perceptions that it was heavily intervening in the FX market.

“All these inflows accrue to the central bank, and it was happening at the time when we saw some decline in remittance inflows,” he explained.

“Remittance inflows are another huge source of FX injection — over six billion US dollars per year. However, immediately after the currency appreciated, we saw a decline.”

He said the combination of reduced remittance inflows and large outflows caused a temporary strain on the interbank market.

“During that time, the interbank FX market had dried up, and so the central bank needed to provide that support,” he said.

Dr Asiama, however, expressed confidence that the market had since recovered. “I’m happy to say that the interbank FX market has come back,” he said.

He disclosed that the Bank of Ghana had instructed mining companies to channel all foreign exchange inflows through commercial banks.

“We have written to the mining firms, for example, to take all their inflows through the commercial banks,” he stated. “So we are beginning to see some pickup in interbank FX market activity.”

He clarified that gold inflows remain an exception but noted that the trend points to a more vibrant, self-sustaining FX market.

“What we have now is to intermediate what comes from the Gold Board, and then the rest is taken into our reserves,” he said.

Dr. Asiama gave specific figures to show that demand on the market had normalised.

“As of yesterday, we had committed to make available 150 million US dollars,” he said.

“This morning, when I checked, the market had picked up only 90 million dollars, so 60 million automatically goes into our reserves. Same thing Tuesday — we made available 150 million dollars, and the market picked up less than half that.”

He stressed that the Bank of Ghana is not over-supporting the market. “We do not over-support the markets at all,” he said.

“All we seek to do is to limit the volatilities in the markets, to ensure that we have that smooth dynamic in the market, and that’s the framework we will maintain going forward.”

Source: Myjoyonline

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Speaking in an interview with George Wiafe the IMF at the ongoing IMF/World Bank Spring Meetings in Washington DC on October 16, he insisted that the Bank of Ghana is rebuilding its reserves, not burning them.

“Yes, there were allegations about whether we’re intervening in the market. But that was not exactly the case,” he said.

He explained that what appeared to be heavy central bank activity between the second and third quarters of 2025 was mainly due to “lumpy payments” that had to be cleared during that period.

“Between the second and the third quarter, we had to do a number of lumpy payments. There were all these large arrears in payments to some of the IPPs. These were billions of US dollars,” Dr Pandit explained.

He added that the Bank of Ghana also had to meet obligations to some domestic debt exchange bondholders who opted to exit their investments when the cedi appreciated.

“Some bondholders felt that, because the currency had appreciated, it was the right time to take up their investment. We had to allow them to go,” he said. “So we did a lot of lumpy payments between July and August.”

According to him, those payments temporarily created the impression that the Bank was aggressively intervening in the market, but that was not the case.

He explained that the central bank had to step in to stabilise the market during a period when remittance inflows — which usually inject over US$6 billion annually into the economy — declined.

“Immediately after the currency appreciated, we saw a decline in remittance inflows,” he noted. “So, in the mix of that, the central bank needed to step in to meet all those lumpy payments. The interbank FX market had dried up during that time, and so the central bank needed to provide that support.”

Dr. Pandit said the situation has now improved significantly.

“The Interbank FX market has come back,” he said. “We have written to the mining firms, for example, to take all their inflows through the commercial banks. So we are beginning to see some pickup in activity in the interbank FX market.”

He clarified that with increased inflows through the commercial banks, the central bank’s role in the market will reduce while reserves are rebuilt.

“To give you an example, as of yesterday, we had committed to make available $150 million. This morning, when I checked, the market had picked up only $90 million — so $60 million automatically goes into our reserves,” he said.

“Same thing Tuesday — we made available $150 million, the market picked up less than half that. So automatically it goes into our reserves,” Dr Pandit explained.

He stressed that the Bank of Ghana’s interventions are carefully calibrated to smooth out volatility, not to deplete reserves.

“We do not over-support the markets at all. All we seek to do is to limit the volatilities in the markets, to ensure that we have that smooth dynamics in the market,” he said.

Dr. Pandit concluded that the central bank remains committed to a stable and transparent foreign exchange framework that balances market needs with reserve accumulation.

Source: Myjoyonline

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According to him, the country is currently ahead of most of the targets and benchmarks under the IMF programme.

The Governor noted that Ghana has worked hard to undertake the necessary reforms to firmly stabilise the economy.

Dr Asiama gave the assurance during an interaction with the IMF’s Director of the African Department, Abebe Selassie, on the sidelines of the IMF/World Bank Annual Meetings in Washington DC.

The discussion formed part of the “Governor Talks Series” organised by the IMF, focusing on Ghana’s recent macroeconomic journey—marked by external shocks, fiscal vulnerabilities, and a challenging global environment.

The Governor’s assurance comes at a time when there have been reports suggesting that the country could be forced to extend the IMF programme to give investors and development partners confidence in government’s commitment to fiscal discipline.

However, Dr Asiama’s remarks appear to calm such fears.

“We should not forget that when this administration took over, there were concerns that we should cancel the programme, and there were doubts about whether we could carry on with it,” he said.

“But the current developments show that we have delivered and turned things around,” he added.

He further noted that “the current ECF programme has also introduced a lot of structural reforms, including those designed to strengthen the Bank of Ghana’s operational capacity and its monetary policy framework.”

Ghana signed up for the IMF programme in 2023, which is expected to end in May 2026. According to the Fund, it has already advanced more than US$2 billion to support Ghana’s economic recovery.

Dr. Asiama also praised the IMF for the support it has provided to help stabilise the economy.

Ghana’s Economic Recovery

The Governor highlighted some of the drastic measures undertaken by both fiscal and monetary authorities to stabilise the economy.

“We met an economy that was challenged, with high levels of inflation, and this was our priority when this administration took over,” he said.

Dr. Asiama added that the Bank of Ghana worked hard to tighten monetary policy and step up liquidity management.

He revealed that following the high inflation levels experienced in 2023 and 2024, the central bank moved swiftly to raise the policy rate and strengthen liquidity controls.

“These measures have helped to reduce inflation to 9.4 per cent as of September 2025,” he said.

“Our policies, going forward, will be data-driven and adaptable to changes in the economy,” the Governor added.

On sustaining the current inflation levels, Dr Asiama emphasised that “now that inflation is within the target band, the challenge is to sustain the gains by continuing to implement sound monetary and exchange rate policies to ensure inflation remains within target.”

He also highlighted the critical role of Ghana’s Gold for Reserves programme, saying it has yielded positive results and enabled the Bank of Ghana to build its reserves.

Exchange Rate Framework

Dr Asiama disclosed that, in collaboration with the IMF, the Bank of Ghana has developed a structured foreign exchange operations framework to intermediate FX flows and smooth excessive market volatility while building international reserves.

“As these framework changes take place, they will bring further transparency to our foreign exchange market operations and help ease volatilities in the market,” the Governor said.

Source: George Wiafe

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The projection was captured in the October 2025 Fiscal Monitor Report released on the sidelines of the Annual IMF/World Bank Meetings in Washington, D.C.

According to the report, the forecast is slightly lower than the 60 per cent target set by the government for the same period.

The IMF also projects the ratio to decline to 56.1 per cent in 2026, 53.7 per cent in 2027, and 51.3 per cent in 2028.

The estimates indicate that by 2028, Ghana will perform better than the 55 per cent Debt-to-GDP ratio targeted under the Extended Credit Facility (ECF) Programme, which aims to restore debt sustainability.

Current Debt Levels and Ratio

The Bank of Ghana’s Financial and Economic Data released in September showed that the country’s debt-to-GDP ratio as of July 2025 stood at 44.9 per cent, equivalent to GH¢628.8 billion.

It remains unclear whether the debt level will rise again in the coming months or whether the economy will experience a contraction.

However, some analysts believe that as Ghana continues to make progress with debt restructuring, the final debt stock could further decline by the end of 2025.

Under the current IMF programme, the government is expected to bring the debt-to-GDP ratio down to 55 per cent to maintain debt sustainability.

Many economists use the Debt-to-GDP model because it is considered a reliable measure of a government’s ability to meet its debt obligations.

A higher ratio may signal increased risk of default, but debt management capacity depends on factors such as growth and the ability to service obligations without refinancing.

The IMF also noted that Ghana’s debt projections are based on a post-debt restructuring scenario, reflecting the country’s ongoing efforts to manage its liabilities.

IMF on Ghana’s Debt Sustainability

Responding to a question from JOYBUSINESS during the Fiscal Monitor briefing, the Deputy Division Chief at the IMF Research Department, Davide Furceri, urged Ghana to strengthen its Public Financial Management (PFM) systems to avoid future debt crises.

He emphasised the need for improved revenue mobilisation through enhanced tax administration and broader VAT compliance to create fiscal space for priority spending.

Government on Debt Restructuring

The government has announced that it has successfully restructured a significant portion of its bilateral debts but is still finalising negotiations with commercial creditors.

According to the Ministry of Finance, Ghana has signed debt restructuring agreements with six bilateral partners, as part of efforts to stabilise public finances.

The government has reiterated its commitment to fiscal discipline, promising not to revert to unsustainable debt.

It further indicated that the medium-term debt management strategy (2025–2028) provides an appropriate financing mix to achieve the debt management objectives outlined in Section 57 of the Public Financial Management (PFM) Act.

Government has also stressed that its debt management approach is guided by debt sustainability analysis and reinforced by reforms under the IMF-supported programme.

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The BoG, in a statement, said it had to take the action due to the rising number of dud cheques, despite warnings issued by the central bank.

“The Bank of Ghana has observed with grave concern the high issuance of dud cheques by some customers of banks and SDIs. This development has consequential effects on the acceptance of cheques for transactions,” the BoG warned.

The central bank said a bank or SDI is now obliged to levy an account holder who issues a dud cheque for the first time 10% of the cheque’s face value and issue a Warning Notification to the affected customer on the consequences of repeating the offence.

In addition, the bank or SDI shall report the offence to the credit reference bureaus and the Bank of Ghana.

“The bank or SDI shall place the customer under surveillance for a minimum period of one year. The warning should be documented and may be in the form of a Short Message Service (SMS), an email, or any other established means of communication between the bank or SDI and that customer. The notification shall also indicate further sanctions that will be applied in the event of subsequent breaches,” the BoG said.

Where a customer issues a dud cheque for the second time within one year of the first offence, the drawee bank or SDI is required to impose a levy of 15% of the cheque’s face value and issue another Warning Notification to the customer on the consequences of repeating the offence.

The drawee bank or SDI shall report the offence to the credit reference bureaus and the Bank of Ghana.

“Where a customer issues a dud cheque on a third occasion within one year of the first offence, the drawee bank or SDI shall impose a levy of 20% of the cheque’s face value. The drawee bank or SDI shall report the offence to the credit reference bureaus and the Bank of Ghana,” it said.

According to the Bank of Ghana, it shall ban such a customer from issuing cheques within the country for a minimum period of three years.

The customer may, however, be permitted to receive cheques and funds into the affected account and perform other electronic transactions on the account. In addition, the Bank of Ghana shall ban such a customer from accessing new credit facilities from the banking system for one year and notify all banks and SDIs of the ban.

Upon receipt of the notification of the ban by the Bank of Ghana, the drawee bank or SDI shall notify the customer within five working days of the ban, recall all unused cheque books and shall not issue new cheque books to the affected customer until the sanctions are lifted. The Bank of Ghana may publish the list of the third-time offenders.

Where a customer fails to return the unused cheque books within a period of ten days from the notification date, the customer shall be reported to the Bank of Ghana.

The Bank of Ghana may ban such a customer from operating any current account. In addition, the customer shall be added to the Directory of High-Risk Cheque Issuers to be created by the Central Bank, which shall serve as a reference point for the Bank of Ghana and the banking industry.

Source: Lawrence Segbefia  

“While we welcome progress under the Common Framework and the Global Sovereign Debt Roundtable, we urge deeper commitment to predictable implementation and improved debt transparency,” he said.

The Governor made the appeal during the African Caucus meeting with IMF Managing Director Kristalina Georgieva on the sidelines of the IMF/World Bank Annual Meetings in Washington, D.C., USA.

Ghana and Global Sovereign Debt Roundtable Discussions

Launched in 2023, the Global Sovereign Debt Roundtable aims to build greater understanding among key stakeholders on debt and restructuring challenges, address shortcomings in restructuring processes, and promote coordinated solutions both within and outside the Common Framework.

It has helped foster alignment on principles and practices that support smoother debt restructuring. The initiative, co-chaired by the IMF, World Bank, and the G20 Presidency (currently South Africa), includes bilateral creditors (Paris Club and non-Paris Club members), private creditors, and borrowing countries.

The platform has played a significant role in Ghana’s debt restructuring efforts with both bilateral and commercial creditors since December 2022.

The programme is expected to help reduce Ghana’s debt-to-GDP ratio from about 90% to 55% by 2028. However, recent Bank of Ghana data suggests the country may have achieved this milestone ahead of schedule.

The government recently announced the signing of a Bilateral Debt Restructuring Agreement with the Kingdom of Spain, marking the fifth such agreement under Ghana’s official creditor framework. This has contributed to lowering Ghana’s total debt stock to about GH¢628.9 billion, representing a 44.9% debt-to-GDP ratio.

Credit rating agencies have also cited Ghana’s progress in restructuring bilateral debt as a major reason for improving the country’s credit outlook.

Supporting the IMF

Speaking at the same programme, Dr. Johnson Asiama reiterated the importance of a well-resourced IMF to reinforce its central role in the global financial safety net amid growing international economic pressures.

“A resilient IMF is essential to help countries—especially in Africa—manage persistent shocks and maintain stability,” he stated.

He called for stronger concessional lending and timely, predictable support, emphasising that completing the 16th General Review of Quotas (GRQ) and advancing quota realignment in the 17th GRQ are vital for fair representation and enhanced IMF effectiveness.

Dr Asiama also stressed the need for stronger fiscal institutions to promote transparent and accountable borrowing aligned with national development goals while reducing vulnerabilities.

On strengthening risk management frameworks, he highlighted the need for the IMF to proactively safeguard financial stability amid Africa’s accelerating digital transformation and the growing interdependence between banks and governments.

“Innovations like artificial intelligence, blockchain, and digital currencies present both opportunities and risks,” he noted.

He further called for enhanced IMF technical support to bolster cybersecurity, strengthen risk-based supervision, and advance coordinated macroprudential policies to ensure resilient financial systems across Africa.

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The celebration, which was initially planned for August, was suspended after the helicopter crash in the Ashanti region that claimed eight lives.

A statement issued by the central bank said as part of the activities to mark the 60th anniversary of the cedi, there will be a national launch ceremony at the Accra International Conference Centre with President John Mahama as the Special Guest of Honour.

There will also be a Cedi Van Regional Roadshow, exhibitions, education, and outreach, as well as public education campaigns on clean note handling, currency security features, and history of the currencies since independence.

In addition the Bank of Ghana will organize currency conference featuring stakeholders from central banks across the world, academia, and the private sector.

“The Cedi@60 anniversary presents a strategic opportunity to reflect on six decades of monetary sovereignty, engage the public on the history and future of the currency, and promote pride in Ghana’s financial and cultural identity.

It is also an occasion to strengthen policy literacy, promote the Bank’s Clean Note Campaign, and inspire the next generation to appreciate and protect the integrity of the cedi”, the statement said..

Background and Rationale

On July 19, 1965, Ghana officially adopted the Cedi as its national currency, symbolizing economic independence and the country’s transition from colonial rule.

Since its inception, the Cedi has undergone significant reforms, redesigns, and policy evolutions, serving as both a monetary instrument and a national emblem of resilience, self-determination, and progress.

Source: Joy Business   

The meetings, which run from October 13 through Saturday, October 18, will bring together finance ministers, central bank governors, development partners, and global investors to deliberate on global economic priorities and strategies for sustainable growth.

The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, and senior officials from the Ministry of Finance and BoG will join Dr. Forson.

Over the course of the week, the delegation will participate in a series of high-profile engagements, including bilateral discussions with senior IMF and World Bank management, investor briefings, ministerial meetings, and the sovereign debt roundtable.

The meetings come at a pivotal moment for Ghana’s economy.

The country recently reached a Staff-Level Agreement at the Fifth Review of the IMF Extended Credit Facility (ECF), a milestone that, once approved by the IMF Executive Board, is expected to unlock an additional $385 million in support of Ghana’s reform programme.

In a significant vote of confidence following this successful review, Moody’s upgraded Ghana’s sovereign credit outlook — a development widely interpreted as a strong endorsement of the government’s fiscal discipline, structural reforms, and macroeconomic stabilisation agenda.

This progress also coincides with Ghana’s signing of its fifth bilateral debt restructuring agreement, further strengthening the country’s position in its ongoing debt sustainability efforts.

Both the IMF and the World Bank, in separate public statements last week, commended Ghana’s economic management team, led by Dr Forson, for demonstrating prudent fiscal stewardship and a coherent policy framework that is restoring confidence and laying the foundation for inclusive growth.

Dr Forson is expected to use this year’s meetings to deepen strategic partnerships with multilateral institutions, attract new investment into key sectors of the economy, and advocate for a fairer and more responsive global financial architecture that reflects the needs of emerging and developing economies.

With global attention on Ghana’s reform story and renewed investor confidence in its economic trajectory, the 2025 Annual Meetings present a vital opportunity to consolidate momentum, secure new partnerships, and accelerate the country’s path to sustainable growth and resilience.

Source: Myjoyonline

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Data from major commercial banks seen by Joy Business show that between October 6 and October 10, 2025, the cedi appreciated by about 5% on the interbank market.

This marks the first time since the third quarter of 2025 that the cedi has posted such sharp gains against the U.S. dollar.

The local currency had come under sustained pressure during the third quarter, depreciating by 14%, according to the World Bank’s 2025 Africa Pulse Report.

However, from January to August 2025, the cedi’s overall performance shows an appreciation of 21% against the dollar, reversing some of the earlier losses.

Commercial banks told Joy Business that the record performance occurred with minimal market intervention from the Bank of Ghana during that period.

Reasons for the Gains

Bank treasurers attribute the cedi’s recent rally to new forex and monetary policy measures that have improved dollar supply to banks and strengthened enforcement of foreign exchange regulations.

One of the key drivers was the Bank of Ghana’s decision to revise its forex market interventions, moving auctions from weekly to spot sales for commercial banks.

According to the Ghana Association of Banks, this policy shift has enhanced efficiency in the market.

Its Chief Executive, John Awuah, told Joy Business’s PM Express that the currency’s rebound reflects “recent market developments,” also linking the performance to the Bank of Ghana’s decision to review the Net Open Position for commercial banks.

The World Bank highlighted that with a year-to-date gain of 20%, the cedi’s strength has been buoyed by tight fiscal and monetary policies, rising export revenues, and improved market confidence.

During the same period in 2024, the cedi had lost about 19% to the U.S. dollar.

The Bank further noted that the Ghana cedi was the best-performing currency in Africa for the first eight months of 2025.

Market Quotes

Checks by Joy Business revealed that some commercial banks are selling the U.S. dollar at GH¢12.30 for retail transactions.

On the interbank market, trading among banks saw the cedi quoted between GH¢11.95 and GH¢12.05.

The appreciation has also been reflected in the forex bureau market, where, as of October 12, 2025, rates ranged between GH¢13.20 and GH¢13.50 to the dollar.

Background

Earlier this month, the Governor of the Bank of Ghana, Dr. Johnson Asiama, announced that the central bank would begin foreign exchange (FX) intermediation under the Domestic Gold Purchase Programme from October 2025, with plans to sell up to $1.15 billion during the month.

These sales are being conducted on a spot basis through twice-weekly price-competitive auctions open to all licensed banks.

Dr Asiama explained that the initiative aims to deepen the interbank FX market, enhance price discovery, and smooth volatility — all while maintaining transparent, market-neutral operations.

He emphasised that the overarching goal remains to stabilise the exchange rate, ensure a level playing field, and support sustainable liquidity in the banking system.

Source: Joy Business 

The West African nation’s long-term foreign currency debt was upgraded to Caa1 from Caa2, the ratings agency said on Friday. The outlook was changed to stable from positive.

“Greater macroeconomic stability and favourable external dynamics are supporting more controlled funding costs and foreign exchange reserve replenishment,” Moody’s said.

The agency cited budgetary previous budget overruns, but noted that “nascent improvements to the fiscal framework will help anchor fiscal adjustment.”

Ghana’s new leadership under President John Mahama has pursued fiscal consolidation since coming to power in January to stabilise an economy recovering from a debt restructuring.

That’s helped to reduce public debt to 629 billion cedis ($51.6 billion) or 44.9% of gross domestic product at the end of July, from 764 billion cedis or 64.9% of GDP a year earlier.

Supported by a surge in bullion prices, Africa’s top gold producer also grew its gross international reserves by 43% to $10.7 billion at the end of August, bolstering its ability to meet external payments.

Source: Bloomberg

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On April 13, 2023, Brazil’s President Lula asked in Shanghai, “Why must global trade rely on the dollar?” His question—Who decided the dollar’s post-gold standard supremacy?—still resonates.

For all the headlines about “de-dollarization,” the reality is straightforward: the dollar’s dominance endures because it provides liquidity, scale, and a deep reservoir of trusted assets unmatched by other currencies.

Paul Blustein’s King Dollar (2025) reports that approximately 60 per cent of central bank reserves are held in dollars, primarily in the form of U.S. Treasuries. More than three-quarters of global trade outside Europe is dollar-denominated, and in the Western Hemisphere, it’s 96 per cent.

The dollar accounts for about 60 percent of cross-border deposits and loans and 70 percent of all international bonds.

It appears in about 90 percent of currency trades; for instance, Nigerian businesses trading for Chilean pesos typically transit through the dollar.

Why the Dollar Still Dominates

Exporters bill and borrow in dollars to avoid currency risk. Once paid in dollars, conversion for local expenses further boosts demand on FX markets. Most risk management relies on dollar-based instruments.

According to Bank for International Settlement (BIS) figures, daily FX trading reached $9.6 trillion in April 2025, with the dollar involved in 89 percent of those trades.

The U.S. Treasury market, at $18 trillion with $600 billion traded daily, is the world’s largest, letting investors transact vast sums without distorting prices.

As David Mulford, who advised the Saudi Arabian Monetary Agency in the early 1980s and chronicled his experiences in Packing for India (2014), notes, even $5–10 million trades can move prices in other markets. U.S. capital markets remain a crisis refuge thanks to strong property rights, contract enforcement, and monetary independence.

What About the Euro and the Yuan?

The euro aspires to global status but faces limits. Christine Lagarde, European Central Bank (ECB) President, wrote in the Financial Times (June 17, 2025) that “Europe faces structural challenges.

Its growth remains persistently low, its capital markets are still fragmented, and—despite a strong aggregate fiscal position, with a debt-to-GDP ratio of 89 percent compared with 124 percent in the U.S.—the supply of high-quality safe assets is lagging behind.

Recent estimates suggest outstanding sovereign bonds with at least a AA rating amount to just under 50 percent of GDP in the EU, versus over 100 percent in the U.S.

For the euro to gain in status, Europe must take decisive steps by completing the single market, reducing regulatory burdens, and building a robust capital markets union.”

While the eurozone also benefits from the rule of law and an independent central bank, its government bond supply remains fragmented across member states.

This fragmentation limits liquidity and uniformity of safe assets, preventing the euro from matching the depth of U.S. markets.

China, meanwhile, has advanced the yuan’s role via the Cross-Border Interbank Payment System (CIPS), roughly doubling daily value from 2020 to 2023 to $90 billion.

Yet this remains small compared with the $1.8 trillion processed each day through Clearing House Interbank Payments System (CHIPS), the dollar-based system.

The yuan currently accounts for about 4.5 percent of international payments and only 2 percent of global foreign exchange reserves. CIPS is also used by far fewer banks than SWIFT for dollar transactions.

Options for investing surplus yuan remain narrow because China’s capital controls restrict cross-border flows, judicial independence is limited, and many market transactions require official approval—making the yuan far less versatile than the dollar.

This reality surfaced in 2018 when Xi Jinping asked Saudi Arabia to denominate oil sales in yuan; the main question became what to do with any excess yuan.

Similarly, in May 2023, the Foreign Minister of the Russian Federation, Sergei Lavrov revealed that Russia, after selling oil to India for rupees, couldn’t easily use the proceeds: “We need to use this money, but for this, rupees should be converted into other currencies, and this is being discussed.”

What This Means for Africa

When the dollar rises—as when the Fed began hiking rates in 2022—the effects can be

severe for African economies. Dollar debts and import costs balloon. As United Nation Conference on Trade and Development (UNCTAD) and The New York Times reported, Egypt’s local wheat price soared 112 percent between 2020 and 2022 (versus 89 percent worldwide), while in Ethiopia it jumped 176 percent.

In Ghana, household costs for essentials rose by two-thirds in one year, and the nation’s borrowing costs on global markets soared from 8 percent in 2016 to over 35 percent by 2022.

Lessons and Next Steps

The experience of Asian nations after the 1997 crisis offers a blueprint, summarized by Kenneth Rogoff, former chief economist at the IMF, in Our Dollar, Your Problem (2025), as the “Tokyo consensus”:

•             Accumulate large reserves to avoid reliance on the IMF (Japan $1.2 trillion, India $650 billion, Brazil $300 billion, South Africa $50 billion).

•             Strengthen financial regulations, including capital and liquidity requirements in the financial sector.

•             Restore selective capital controls to limit volatile short-term inflows.

•             Grant central banks independence to fight inflation and deepen local currency markets—with explicit emphasis on enabling governments and private borrowers to raise funds in local currencies, thereby reducing dependence on the dollar.

•             Implement a managed exchange rate regime—neither strictly pegged nor fully floating, as generally recommended by the IMF—to boost trade competitiveness and better manage shocks from dollar volatility.

Dr. Zeti Akhtar Aziz, Malaysia’s central bank governor (2000–2016), stressed that building robust domestic markets is tough, demanding regulatory and governance improvements, but emerging-market central banks are determined.

For Africa, it is imperative to adapt a series of critical steps: stabilizing exchange rates, empowering central banks to maintain price stability, implementing regulations to strengthen the financial sector, and—most importantly—the expansion of capacity to borrow in local currencies in order to reduce excessive reliance on the dollar.

African finance ministers and central bank governors possess the authority to profoundly improve lives across the continent by drawing inspiration from and modifying the principles of the Tokyo Consensus to fit Africa’s unique realities.

This approach offers the most expedient route to accelerated progress, contingent on the political will to enact over time the necessary reforms and the resolve to resist the pressures that run counter to this reform agenda.

As Paul Volcker—former Chairman of the U.S. Federal Reserve and widely regarded as one of the most influential central bankers in history—observed, “The exchange rate is the most important price in an economy.”

By mastering this most important price, Africa can more effectively shield itself from global shocks, strengthen social stability, and position itself to attract the capital needed for transformative growth.

Source: Aboubakr Barry, CFA

The author is founder and managing director of Results Associates, based in Bethesda, Maryland, USA.

The doctors, he said, migrated abroad after securing personal loans from local banks.

Speaking on Joy News’ PM Business Edition, Mr Awuah disclosed that some doctors who relocate to work in other countries take loans and abandon repayment after leaving Ghana.

“There are processes we are going through with the Ministry of Foreign Affairs to contact the diplomatic corps since you don’t just wake up and write to them,” he said.

“We’ve already started; there’s a letter that is logged at the Ministry of Foreign Affairs, which is trying to achieve that, but that is a reactive mechanism.”

He explained that the issue has become a growing concern within the banking industry, noting that these professionals often obtain personal loans using their bank statements before leaving the country.

“They have bank accounts. They use your bank statements. They have personal loans. The bank will not ask you exactly what you are going to buy since it is a personal loan,” he said.

“They will come to a bank, take, like, let’s say, GH¢120,000 or GH¢150,000, take a visa and jump off and leave the loan hanging.”

Mr Awuah expressed concern that such actions undermine confidence and increase the level of non-performing loans (NPLs) in the system.

“Wherever they are going, they are working there and earning, and one would think that as medical practitioners, they will just say, ‘I have a liability in Ghana, which enabled me to demonstrate that I can fund my travel, so let me come and settle,’” he said.

He described the trend as disappointing, particularly because it involves individuals who are generally regarded with moral integrity.

“About 70% of them are not paying. These are medical doctors, people we hold in high esteem,” he lamented.

According to him, the industry had even considered engaging embassies to require visa applicants to obtain clearance from banks before approval, but this had to be done through formal diplomatic channels.

“At some point, we were even attempting to write to the embassies to seek clearance from banks before they would allow visa processes to go through,” he revealed.

Mr Awuah said banks are hopeful that, with support from the Ministry of Foreign Affairs, mechanisms can be established to ensure that borrowers who relocate abroad continue to honour their financial obligations in Ghana.

Source: Abubakar Ibrahim 

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