Bank of Ghana Urges Accuracy in Cedi Projections
- Bank of Ghana stresses the importance of official data for accurate cedi projections.
- Black market forex traders, referred to as ‘Zamerama’, often mislead expectations.
- Recent economic data shows positive trends, contradicting unfavorable predictions.
Bank of Ghana Stresses Data-Based Projections
The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, recently emphasized the importance of relying on verified data from the central bank when making forecasts about the Ghanaian cedi. Addressing attendees at the Graphic Business/Stanbic Bank Breakfast Meeting on July 15, 2025, he expressed concern over the tendency of some individuals, especially within the business community, to pay heed to unverified projections from informal sources. Notably, he singled out black market currency traders, commonly referred to as “Zamerama,” as a significant source of misinformation that can skew public expectations regarding currency stability.
Economic Fundamentals Show Stability
Dr. Asiama pointed out the stark contrast between the economic indicators reflected in the official data from the Bank of Ghana and the often sensational predictions made by the informal market. For instance, the Governor highlighted a substantial improvement in the country’s trade surplus, which has more than doubled compared to the previous year. He noted that the Current Account balance saw a surge, climbing from just $66 million to over $2 billion in the first quarter alone, which he argues provides compelling evidence against the gloomy projections circulated within the informal market.
Encouraging Media Responsibility in Reporting
The central bank’s Governor urged the media to prioritize reporting based on BoG’s information when discussing cedi projections. He remarked that the propensity to chase after speculative reports can lead to unwarranted market reactions, whereby traders react to predictions rather than factual data. According to Dr. Asiama, fluctuations in the exchange rate should be interpreted as a natural result of market dynamics instead of harbingers of economic doom. He reassured the public that these trends serve not just to represent market sentiment but also to safeguard the local currency from external threats.
In conclusion, Governor Dr. Johnson Pandit Asiama of the Bank of Ghana highlighted the need for reliance on official data for projections regarding the cedi. He pointed out significant improvements in the country’s economic fundamentals and cautioned against the misleading nature of informal market predictions. Ultimately, he urged the media and public to focus on factual data rather than speculation in order to maintain market stability.
