An economics lecturer at the University of Ghana, Professor Patrick Asuming, has urged Ghanaians to remain calm about the recent fall in the value of the Ghana cedi. He stated on May 25, 2026, that the cedi has not experienced excessive losses against major foreign currencies. The currency's depreciation, he believes, is still within a normal range.
Professor Asuming explained that excessive worrying is not yet justified. He said this during an interview on Joy FM’s Super Morning Show. He noted that the Bank of Ghana has successfully managed to moderate any sharp movements. His comments followed a recent report by Reuters on currency market trends. He emphasized that the central bank has kept the currency's fluctuations at a low level so far.
The economist believes that alarms should only be raised when the cedi faces consistent pressure. This pressure must lead to significant and repeated drops in value over a short time. He stated that such situations are when the economy might be considered out of control. He stressed that exchange rate changes happen in all economies regularly. These must be understood within the larger economic picture, not as separate, isolated events. This perspective is important for understanding economic stability. Global conflicts could also contribute to such depreciation.
"So far, we haven’t seen the wide range when we study the system. The Central Bank has been able to moderate swings. I think it is generally kept at a low level, and on that note, I don’t think we should start raising alarms," Professor Asuming said. He added that concerns should only arise when significant pressure causes massive losses within a short window, like two weeks.
Professor Asuming's remarks come at a time when the Ghanaian economy is susceptible to global economic shocks. The Bank of Ghana has previously reported multi-billion cedi losses as part of its efforts to stabilize the economy, a fact highlighted by a recent IMF statement. This context is crucial for understanding the dynamics of currency stability. The cedi's value directly impacts import costs and export competitiveness for Ghanaian businesses.
The implications of Professor Asuming's comments suggest that market participants and policymakers should continue to monitor the situation closely. However, immediate drastic interventions might not be necessary based on his assessment of current trends. The focus remains on preventing sustained, uncontrolled depreciation. Future economic performance will depend on managing these fluctuations effectively. Diversifying the economy is also seen as key to ensuring long-term cedi stability.