Bank of Ghana Cautions Public Against Unofficial Cedi Projections

• Governor of Bank of Ghana advises public to rely on BoG data.
• Dr. Asiama highlights risks of black market forex projections.
• Positive economic indicators show stability of the cedi.

Governor’s Warning on Cedi Projections for Businesses

The Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has issued a critical warning to the public, particularly among business circles, regarding basing cedi projections on unreliable information. He emphasized that the community should only utilize official data released by the BoG for any cedi-related forecasting. This caution was expressed during the recent Graphic Business/Stanbic Bank Breakfast Meeting held on July 15, 2025, where he stressed the risks of relying on unofficial sources, particularly from the black market, known colloquially as ‘Zamerama’.

Caution Against Black Market Influence

Dr. Asiama articulated the dangers of following the advice of so-called experts in the black market who often provide distorted views on the cedi’s performance. He expressed concern that many Ghanaians tend to form their expectations based on this flawed information rather than facts presented by the BoG. He mentioned, “It appears in Ghana, the way we form our expectations when it comes to the exchange rate is to listen to the Zamerama,” highlighting the negative implications of this trend on economic stability.

Economic Fundamentals Indicate Stability

The Governor pointed out that the true economic indicators suggest a more favorable outlook than what the black market predictions would indicate. For example, he noted that the country’s trade surplus has significantly improved from last year. He also presented data showing that the Current Account has surged from $66 million to over $2 billion within the first quarter of the current year. This, he argued, contributes to the observed stability in the exchange rate, urging Ghanaians to look beyond speculation and focus on the real data presented by the bank to better understand the dynamics of their economy.

In summary, Dr. Asiama’s message underscores the importance of relying on official data from the Bank of Ghana rather than speculative projections from the black market. The Governor highlighted the positive economic trends that support the stability of the cedi. With a call to media and businesses alike to be discerning in their forecasts, it is clear that informed economic assessments are crucial for navigating the complexities of exchange rate movements.