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Parliament’s Trade Committee urges BoG to safeguard Cedi stability

 


The Trade, Industry and Tourism Committee of Parliament has called on the Bank of Ghana (BoG) to intensify its monitoring of foreign exchange inflows and global trade trends to help sustain the recent recovery of the Ghanaian Cedi.

The local currency has strengthened significantly, appreciating from around GHS 15.00 to GHS 10.20 per U.S. dollar between January and late May 2025.

This rebound has been largely credited to improved performance in traditional exports and a surge in remittance inflows.

Speaking to Citi News on June 29, Chairman of the Committee, Alexander Roosevelt, emphasized the need for sustained vigilance by the central bank.

If you look at how the dollar is behaving now compared to the past—when people could easily access it, leading to the dollarisation of our economy—that situation has changed. The Cedi is gaining ground,” he noted.

He added, “What the Bank of Ghana must do now is monitor the flow of foreign currency and track both international and local business trends to ensure that the dollar does not once again overwhelm the Cedi.”

The Committee’s remarks reflect broader concerns over exchange rate volatility and its impact on inflation, trade, and economic planning.

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