Governor of the Bank of Ghana, Dr. Johnson Asiama, has cautioned Ghanaians against relying on speculative currency forecasts from unverified sources—particularly black market forex dealers, commonly referred to as “Zamerama”—when forming expectations about the Ghana cedi’s performance.
Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting on July 15, 2025, Dr. Asiama expressed concern that public sentiment on exchange rates is often shaped by hearsay rather than factual economic data published by the central bank.
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“In Ghana, it seems people prefer to take cues from the Zabarma man or the Alhaji on the street corner when forming expectations about the cedi. That’s part of the problem,” he noted.
Dr. Asiama emphasized that the cedi’s current stability is backed by solid macroeconomic indicators, not random predictions. He pointed out that Ghana's trade surplus has doubled compared to last year, and the Current Account has improved significantly—from $66 million to over $2 billion in just the first quarter of 2025.
“Why should anyone be surprised that the cedi is stable? The data is there. Look at it. A country with such performance should not expect a free-fall in its currency,” he argued.
He called on the media and the public to use the Bank of Ghana’s official data—such as those released after Monetary Policy Committee meetings—when making projections about the currency, rather than relying on street-level speculators who lack credible information.
“We’ve created this dangerous cycle where someone makes a comment, and suddenly everyone is liquidating their investments in panic. That’s not how macroeconomic variables work,” he said.
Dr. Asiama further explained that exchange rate fluctuations are normal and, in fact, play a vital role in shielding the economy from external shocks.
“Let the exchange rate move. It may rise today and fall tomorrow—that’s natural. These movements are not signs of crisis; they help the cedi absorb global pressures,” he explained.
He concluded by urging stakeholders to trust the data, understand the fundamentals, and resist the urge to follow speculative forecasts that often have no basis in economic reality.
Story By: Afia Ohenewaa Akyerem