Bank of Ghana (BoG) Governor Dr Johnson Asiama has assured Ghanaians that the country should experience a relatively stable exchange-rate environment during the Christmas season, expressing confidence in the cedi’s performance in the coming weeks. Corrections Policy
Speaking at the African Virtual Assets Summit (AVAS) 2026 on Monday, November 2, Dr Asiama sought to reassure businesses, importers and consumers concerned about possible currency fluctuations as demand for foreign exchange typically increases towards the end of the year.
“What I can promise is a good Christmas as far as the exchange rate is concerned. We will have a good Christmas,” he said.
His comments come as households and businesses begin preparing for the festive season, a period often associated with increased imports, consumer spending and demand for dollars to finance commercial transactions.
Cedi trades at GH¢11.62 to the dollar
The Governor’s assurance comes against the backdrop of the latest Bank of Ghana interbank reference rates published on November 2.
According to figures reported, the cedi was trading at GH¢11.6142 to the US dollar for buying and GH¢11.6258 for selling.
The rates were based on average interbank market figures at the close of business on Friday, October 30.
The pound sterling was quoted at GH¢15.5549 for buying and GH¢15.5704 for selling, while the euro traded at GH¢12.9559 for buying and GH¢12.9678 for selling. Editorial Ethics & Independence
These figures provide a snapshot of the formal interbank market and should not be confused with the rates offered by forex bureaux or individual banks, which may differ depending on their operating conditions and transaction costs.
Although the Governor expressed confidence in the cedi’s outlook, exchange rates remain subject to changes in foreign currency supply, demand, international market conditions and developments in the domestic economy.
Christmas demand puts currency stability in focus
The festive season traditionally brings increased demand for imported goods, including food products, clothing, electronics and other consumer items.
Importers often require additional foreign exchange to settle payments to overseas suppliers, while businesses may increase their stock ahead of the December shopping period.
This seasonal demand can place pressure on the local currency if the supply of dollars does not increase sufficiently to meet market needs.
A relatively stable cedi would therefore be important for businesses seeking to plan their costs and for consumers concerned about the prices of imported products.
When the local currency depreciates, importers may need more cedis to purchase the same amount of foreign currency. Editorial Ethics & Independence
This can increase the cost of bringing goods into the country and potentially contribute to higher prices for consumers.
However, exchange-rate stability does not automatically mean that prices will fall. Retail prices are also influenced by existing stock costs, transportation, taxes, production expenses and other market conditions.
BoG highlights broader economic conditions
The latest assurance follows earlier comments by Dr Asiama about the country’s economic position and the factors influencing the cedi.
At the opening of the Bank of Ghana’s 132nd Monetary Policy Committee meeting on September 23, 2026, the Governor said domestic macroeconomic conditions remained broadly positive, while warning that developments in the global economy continued to pose risks.
A report on the meeting highlighted his assessment that tighter global financial conditions and a stronger US dollar had placed pressure on emerging-market currencies, including the cedi.
He also pointed to the mixed effects of international commodity prices on Ghana.
Higher gold prices could support export earnings, foreign reserves and government revenue, while rising energy and fertiliser costs could increase import expenses and add pressure to domestic prices. Newscard
Dr Asiama stressed the importance of monitoring these developments as the central bank assessed their implications for inflation, economic growth and exchange-rate conditions.
The September assessment provides useful context for his latest Christmas assurance, particularly because the currency’s performance depends partly on factors beyond the control of domestic policymakers.
Foreign exchange supply remains important
Maintaining a stable exchange rate requires sufficient foreign currency to meet the needs of businesses, households and other market participants.
Ghana’s foreign exchange earnings come from several sources, including gold, cocoa, oil exports, remittances and other international transactions.
The Bank of Ghana can also use its foreign exchange intermediation and market operations to help manage temporary pressures and maintain orderly conditions.
In September, the central bank’s outlook pointed to foreign exchange interventions and remittance inflows as factors expected to moderate pressure on the cedi.
GoldBod’s foreign exchange generation activities were also expected to contribute to market supply and reserve accumulation.
However, the availability of foreign exchange must be considered alongside the country’s external payment obligations and the level of demand from importers.
What the assurance means for households and businesses
Dr Asiama’s comments offer reassurance ahead of a period when many businesses and households closely monitor the cedi’s performance.
A more predictable exchange rate can help importers prepare budgets, retailers manage inventory costs and businesses make decisions without constantly adjusting for currency movements.
Consumers may also benefit if stability helps limit additional price increases linked to imported goods. Privacy Policy & Terms
Nevertheless, the Governor’s statement should be understood as an expression of confidence in the outlook, not a guarantee that the cedi will remain unchanged against the dollar or other major currencies throughout the festive season.
The central bank will need to maintain effective monetary and foreign exchange policies while monitoring global economic developments and domestic demand.
For now, the Bank of Ghana Governor’s message is that Ghanaians can approach the Christmas period with confidence in the cedi’s prospects.
Whether that optimism translates into sustained stability will become clearer as foreign exchange demand increases and the market responds during the final weeks of 2026.