'We’re Not Burning Reserves to Hold the Cedi' – BoG Deputy Governor Tells Joy News

Cedi Gains Show Effectiveness of BoG’s Monetary Policies

Ghana’s currency has seen a remarkable turnaround this year, with the cedi appreciating by 12.2 percent as of May 2025, a sharp contrast to the same period in 2024, when it had depreciated by about 13 percent. According to the First Deputy Governor of the Bank of Ghana (BoG), Dr. Zakari Mumuni, this historic reversal is not by accident but rather the outcome of a carefully crafted monetary policy stance that is now bearing visible fruit. “If yo…

'We’re not burning reserves to hold the cedi' – BoG Deputy Governor tells Joy News

The First Deputy Governor of the Bank of Ghana, Dr. Mumuni Zakaria, says the central bank is not using up reserves to support the cedi. He insists the recent gains are not artificial. “If we were that heavy in terms of our support to the market, we would not be doing well with our reserves […] The post ‘We’re not burning reserves to hold the cedi’ – BoG Deputy Governor tells Joy News appeared first on Ghanamma.com.

Bank of Ghana Strengthens Measures to Maintain Cedi Stability

News Ghana, Latest Updates and Breaking News of Ghana, News Ghana, https://newsghana.com.gh/bank-of-ghana-strengthens-measures-to-maintain-cedi-stability/The Bank of Ghana has reinforced its commitment to preserving the cedi’s stability, emphasizing that a strong local currency forms the foundation for effective foreign exchange regulations and sustained market confidence. First Deputy Governor Dr. Zakari Mumuni outlined the central bank’s strat…

Bank of Ghana Maintains Cap on Foreign Exchange Withdrawals and Travel Forex Purchases

The Bank of Ghana (BoG) has reaffirmed existing measures regulating foreign exchange withdrawals and forex purchases for international travel, in accordance with the Foreign Exchange Act, 2006 (Act 723). In a public notice issued on May 15, 2025, and signed by the Secretary of the Bank, Ms. Sandra Thompson, the BoG clarified that over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency…

Bank of Ghana says cash withdrawals in foreign currency from accounts allowed    - Ghana Business News

The Bank of Ghana says Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed.   A statement issued in Accra and signed by Ms Sandra Thompson, the Bank’s Secretary, said for non-FEA and non-FCA account holders, forex purchases for travel outside Ghana were allowed but capped at $10,000 or its equivalent per person per trip.    It said this must be supported…

Bank of Ghana clarifies that dollar withdrawals remain unchanged

The Bank of Ghana has issued an official notice affirming that there has been no change to existing regulations concerning foreign exchange withdrawals from local banks. The central bank assured the public that over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEAs) and Foreign Currency Accounts (FCAs) remain permitted. The notice, dated 15th May 2025 and signed by the Secretary, Ms. Sandra Thompson, rei…