Bank of Ghana (BoG) Governor Dr. Ernest Addison remains confident that the recent challenges facing the cedi will be effectively addressed.

Over the past two weeks, the local currency has experienced a decline in value against the US dollar. However, Dr. Addison has reassured the public that the BoG has implemented necessary measures to prevent the situation from escalating.

During his speech at the renaming ceremony of FBNBank Ghana to First Bank Ghana, Dr. Addison assured stakeholders that efforts are underway to stabilise the cedi.

He emphasised the central bank's commitment to ensuring the currency remains steady amidst market fluctuations.

“I am sure you know this also means that the exchange rate stability will be sustained. It is not possible to continue the disinflation process with exchange rates that are not stable so implicit in that statement is to give assurance to you all about the stability of the cedi going forward,” Dr Addison stated.

He disclosed that for example, “every bank has got a little bit of FX from the central bank, averagely there are one or two banks who didn't need it but I am sure FBN got probably some of those resources,” assuring that the central bank will keep a keen eye on developments on the foreign exchange market.