Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has said the appreciation of the Ghana cedi and its stability has sparked behavioral shifts among diaspora communities.
The cedi’s rise against the major trading currencies on the forex market, according to the BoG boss, has resulted to a near 50% decline in remittance inflows.
This, he said, is due to the reduction in number of Ghanaians abroad who send money back home for local projects.
Since the current government took over in January 2025, the local currency has gained significant ground, appreciating by over 40% against the US dollar, 31% against the British pound, and 24% percent against the Euro, supported by improved macroeconomic stability, falling inflation, and strong external reserves.
Dr. Asiama, speaking at the launch of the Bank of Ghana Chair in Finance and Economics at the University of Ghana Tuesday, August 5, 2025, noted that while the appreciation signals growing investor confidence and a stabilising economy, it is also causing causing problems.
“The appreciation of the cedi so far, Ghanaians are interpreting this differently, and it is part of the problem. People who used to send remittances for projects have suddenly stopped, and so we have observed a near 50% decline in remittance inflows.
“By the way, if you are doing projects in Ghana, cement prices must also adjust, not so? Inflation is coming down so the prices of those building materials must also adjust and so therefore, on the balance it shouldn’t matter.
“Someone told me this morning [August 5, 2025], we need to do a roadshow across the top remittance originating countries…most of the countries Ghanaians are…we need to go and explain to them to continue sending their monies regardless where the exchange rate is,” he explained.
