- The Bank of Ghana Governor calls for reliance on official data.
- Dr. Asiama warns against using projections from black market traders.
- Economic fundamentals suggest stability contrary to speculations.
- The trade surplus has doubled this year compared to last year.
- Current Account balance showcases impressive growth in 2025.
Official Data is Essential for Accurate Cedi Projections.
Bank of Ghana (BoG) Governor Dr. Johnson Pandit Asiama delivered a stern message during the 2025 Graphic Business/Stanbic Bank Breakfast Meeting held on July 15, 2025. He urged the public, particularly those in the business community, to only trust official data provided directly by the BoG when considering projections regarding cedi values. More specifically, Dr. Asiama expressed concern about the influence of unofficial sources, particularly black market forex traders, often referred to as “Zamerama.”
Black Market Predictions Contradict Economic Fundamentals.
Dr. Asiama made it clear that relying on speculators and their often misguided insights leads to misunderstanding the real situation regarding the country’s economy. He emphasized that many Ghanaians tend to listen to informal predictions rather than the solid data published by the central bank after its Monetary Policy Committee discussions. The Governor explained that Ghana’s economic fundamentals tell a much more stable and positive story than what those black market predictions suggest.
Statistics Show Economic Growth Amid Speculation.
Furthermore, he presented some strong data points indicating that the economic landscape has improved. For instance, he highlighted that the trade surplus for Ghana has doubled compared to the previous year, while the Current Account balance has seen a staggering increase from $66 million to over $2 billion just in the first quarter of the year. These statistics, he claimed, should serve to reassure those worried about the cedi’s stability. Also, he asked the media to take a more responsible approach, stating that reporting based on unfounded forecasts only fuels unnecessary panic among investors and the general public alike.
In summary, Dr. Asiama’s remarks at the event underscore the importance of using reliable and official data from the Bank of Ghana when making predictions related to the cedi. He pointed out that allowing market forces to dictate exchange rate movements is essential for handling external shocks effectively. It is crucial for the business community and media to shift their reliance from speculation to the sound economic indicators calculated and published by the central bank.
