President John Mahama explained how Ghana's government helps strengthen the cedi against the dollar and other foreign currencies. The Central Bank works with the Finance Ministry to make the local currency stronger through careful planning. Mahama said recent cedi improvements come from real coordination between these two important government departments. The process utilizes foreign exchange auctions, where individuals bid for dollars using cedis based on actual market demand. Bank officials set average prices and exchange local money for foreign currency without artificial manipulation.
The President does not want the cedi to become equal to the American dollar. He believes such extreme strengthening would damage Ghana's ability to sell goods to other countries. Mahama told business leaders on Wednesday that Bank of Ghana officials will regulate the appreciation of the currency. The central bank will step in if the cedi becomes worth more than healthy economic levels. Officials plan to keep the local currency within reasonable limits that reflect its true value compared to foreign money.
The President does not want the cedi to become equal to the American dollar. He believes such extreme strengthening would damage Ghana's ability to sell goods to other countries. Mahama told business leaders on Wednesday that Bank of Ghana officials will regulate the appreciation of the currency. The central bank will step in if the cedi becomes worth more than healthy economic levels. Officials plan to keep the local currency within reasonable limits that reflect its true value compared to foreign money.
