The Bank of Ghana (BoG) has revealed that it has come under criticism from sections of the business community following the recent appreciation of the Cedi against major trading currencies.
Speaking at a forum at the University of Cape Coast on Saturday, September 6, 2025, the Head of Research at the Central Bank, Dr. Philip Abradu-Otoo, said some businesses have expressed dissatisfaction with the stronger currency, claiming it negatively affects their operations.
“Recently, we’ve seen exchange rates volatile downwards. So, we have seen an appreciation in the currency. It is good for some people. But at the central bank, you will be surprised that when the currency started appreciating, businesses started attacking us.
They wrote all sorts of letters telling us to stop allowing the exchange appreciation because it is bad for their businesses,” Dr. Abradu-Otto explained.
According to the BoG, while a stronger Cedi is often regarded as beneficial for the wider economy—helping to lower import costs and stabilise inflation—some exporters and businesses argue that it erodes their competitiveness in international markets and cuts into their profit margins.
Dr. Abradu-Otoo emphasised that the Central Bank must carefully manage currency movements to balance economic stability with the sometimes conflicting interests of stakeholders.
CBN
