The Bank of Ghana (BoG) has said it "remains fully committed to providing stability in the exchange rate for the cedi".

"The Bank has enough foreign exchange reserves to support the market, and economic agents should stop engaging in speculative purchases as they will suffer economic losses when the correction occurs,” Governor Ernest Addison said at the end of the Monetary Policy Committee meeting on Monday, 27 May 2024.

He said: “The pressure in the foreign exchange market reflected increased demand for higher imports, energy sector payments, and uncertainty surrounding the progress of debt restructuring negotiations with external creditors.” 

On a year-to-date basis, he said "the Ghana cedi depreciated by 14.6 per cent against the US dollar as of 22nd May 2024 compared to 21.8 percent depreciation for the first five months of 2023".