Bank of Ghana Board Member Isaac Adongo says the recent calm in the cedi’s volatility is the result of a deliberate and coordinated policy move, not a fluke.
Speaking on JoyNews’ PM Express on Wednesday, May 14, he said the Nana Akufo-Addo era of reckless monetary management is over, and Ghanaians are now seeing what leadership with discipline looks like under President John Mahama and Finance Minister Cassiel Ato Forson.
“What is happening now is an intentional policy implementation,” the Bolga Central MP explained.
“It is a complementary effort from the Ministry of Finance and the central bank. The central bank is doing its bit, and government, under the leadership of the Finance Minister, is also doing its bit, so the two of them are collaborating.”
When host Evans Mensah asked if the cedi had now been “arrested”, a reference to then opposition leader Dr Mahamudu Bawumia’s 2014 claim, Mr Adongo responded sarcastically.
“No, we have not arrested the cedi. The man who arrested it is out there. What is happening to the cedi now is that we are gradually massaging it to find its true level.”
For the Ranking member on Parliament’s Finance Committee, this isn’t about grand gestures or media gimmicks. It’s about sending the right message to the market and applying pressure where it matters.
“We are trying to let them know—‘Hey, we are in Ghana now. Akufo-Addo is gone. Bawumia is gone. It is now Ato Forson and John Mahama who are here. If you misbehave, we will deal with you.’ And they are beginning to say, ‘yes sir, yes sir.’ That’s what we are doing.”
Isaac Adongo said the priority is not to chase unrealistic exchange rate targets but to secure lasting macroeconomic balance.
“What we are looking for is stability, not a quantum jump of the cedi from ¢15 to ¢3. What we are doing now is to get the cedi to find the level that supports the economy.”
He explained that while the exchange rate calm is part of the immediate relief strategy, the broader plan is to tackle inflation at its roots.
“This is an initial remedy to give Ghanaians some relief,” he said, “whilst the fruit that we really want to bear is to tackle head-on food inflation.”
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