Speaking at a press conference after the Monetary Policy Committee (MPC) meeting to review recent economic developments, he stated, “We don’t have such a plan on the table that says when the cedi reaches a certain point, we must move to ease the appreciation.”

He explained that while the Bank of Ghana is concerned about excessive currency depreciation, it does not maintain a specific appreciation target.

“As much as we don’t want to see the Ghana cedi depreciate excessively, we don’t keep a target rate that we want to defend aggressively,” he said.

Addressing ongoing speculation on the markets, Dr. Asiama noted, “People are out there with all sorts of speculations, but remember you haven’t heard the Bank of Ghana playing in that space. We will ensure that volatilities do not become excessive.”

He stressed the Bank is monitoring broader exchange rate dynamics, especially the real effective exchange rate.

“You may see some swings, but our focus is to ensure that they are not excessive,” he assured.

Cedi Appreciation and Market Sentiments

The Governor also dismissed suggestions that the cedi’s appreciation is being propped up by the depletion of reserves.

“What we are witnessing with the Ghana cedi is influenced by strong reserves, robust monetary policy measures, and favourable market sentiments based on actions taken on both the monetary and fiscal fronts,” he said.

He added that market perception was playing an increasingly important role. “We believe that market sentiments are now playing a significant role in the cedi’s sustained appreciation,” he observed.

According to economic and financial data released by the Bank on May 22, 2025, the cedi has appreciated by 24.1% against the US dollar. Ghana’s international reserves stood at $10.6 billion at the end of April 2025.

Responding to concerns that the currency’s strength has not translated into lower market prices, the Governor urged patience.

“It’s just a matter of time. We also believe that competition may play a significant role in the coming weeks, forcing traders to respond to current market developments,” he noted.

Inflation Outlook

The Bank of Ghana has set an end-of-year inflation target of 12% for 2025. Dr. Asiama is confident this is within reach despite ongoing external threats.

“I don’t think the end-of-year target is ambitious, looking at the policy measures we have undertaken,” he said.

He added that the Bank is optimistic Ghana could return to single-digit inflation by the first quarter of 2026. “Looking at current developments and the policy measures in place, we should be able to manage any external developments that could reverse the current disinflation trend,” he said.

Cash Reserve Ratio and Private Sector Credit

The Bank of Ghana, which maintained the policy rate at 28 percent, also announced a revision to the Cash Reserve Ratio.

Dr. Asiama explained that “all banks will now maintain their reserves in their respective currencies. That means foreign currency reserves for foreign currency deposits and domestic currency reserves for domestic currency deposits.”

The Bank also noted signs of recovery in private sector credit. “When you look at the Ghana Reference Rate, it has been dropping. We will continue with current measures to sustain this decline,” the Governor stated.

Some industry analysts expect this move to free up more lending for the private sector in the coming months.

International Reserves Position

Ghana’s international reserves are currently at $10.6 billion, covering approximately 4.7 months of imports.

While there have been questions about the Bank’s reserve targets, Dr. Asiama clarified: “There is no upper limit target for now, but we do have what you can call a lower limit of three months of import cover.”

He added, “What we have now is adequate and ensures our external resilience.”

Dr. Asiama was confident about whether the current reserves were sufficient to handle future debt obligations.

“We have everything programmed. What we have now is pretty adequate,” he assured.

The announcement was made in a statement signed by Felix Kwakye Ofosu, the Acting Spokesperson to the President.

This nomination follows a formal request by the current Governor, Dr. Ernest Addison, to proceed on leave ahead of his retirement on March 31, 2025.

Dr. Asiamah previously served as the Second Deputy Governor of the Bank of Ghana from 2016 to 2017.

He holds a Ph.D. in Economics from the University of Southampton, UK, and brings extensive expertise in monetary policy formulation, financial stability regulation, and economic research.

With over 23 years of experience at the Bank of Ghana, Dr. Asiamah has demonstrated a strong commitment to fostering a stable financial system, sound monetary policies, and accelerated economic growth in Ghana.

READ ALSO:

• Mining leases issued by NPP to be revoked – Mahama
• Prof Gyampo vows to tackle systemic wrongs as new GSA CEO

A video has emerged of a Governor of Nigeria, Bello Mohammed Matawalle, forcing the Principal and Teachers of Government Science and Government Girls’ Secondary Schools Gusau, to eat the substandard food they serve students.

The video which has surfaced online, has since gone viral on social media.

The visibly angry Zamfara State Governor expressed dissatisfaction with the poor food students of the school were being served in spite of huge amounts of money being spent by the government for the programme.

He further directed that henceforth, the principals and the feeding officers throughout the state must eat the same food they cook for their students or be dismissed.

Matawalle added:You must henceforth eat your food with your students and I will keep you on watch so that those who violate the order would be dismissed.

The Zamfara State Governor assured that his directive would apply to all the government boarding schools across the state.

Watch video below:

Here is the video below;

The five-judge panel said Gov. Basuki “Ahok” Tjahaja Purnama was “convincingly proven guilty of blasphemy” and ordered his arrest. However, Ahok immediately announced he would appeal the guilty verdict and sentence.

The lead judge said the trial was a purely criminal one and the court disagreed that there were political aspects to the case.

The blasphemy accusation against Ahok was a decisive factor in his defeat in last month’s election for Jakarta governor.
Hard-line Islamic groups said it would be a sin for Muslims to vote for a non-Muslim.

The two-year prison sentence was a surprise outcome.
Prosecutors had recommended a two-year suspended prison sentence.

Speaking during an interactive session with labour unions as part of May Day celebration at the Government House, Kano, on Monday, he said that his critics could not differentiate between sleeping and pretending.

“My opponents always complain that I sleep at public functions but I want them to try and differentiate between the two. Political blackmail is not an issue to me because I am used to it and will continue to work for the good people of the state,” he said.
Meanwhile see photos of the governor pretending to be asleep at various functions..