The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has called on Ghanaians to disregard unfounded cedi projections from unverified sources—especially those made by black market forex traders, popularly referred to as “Zamerama.”
Speaking at a media engagement following a Monetary Policy Committee (MPC) meeting, Dr. Asiama expressed dismay at how quickly public sentiment shifts based on word-of-mouth forecasts from street-level forex dealers rather than macroeconomic indicators released by the central bank.
“It appears in Ghana the way we form our expectations when it comes to the exchange rate is to listen to the Zamerama, is to listen to the Alhaji in the corner. I think that’s where the problem is.”
Dr. Johnson Asiama
Dr. Asiama criticized the reliance on informal sources of information which, in his view, mislead the public and incite panic reactions, including unnecessary liquidations of foreign currency holdings and investments.
“People begin to sell off or pull their money out simply because they heard the cedi will fall tomorrow. But from who? From someone who is not even analyzing the basic economic data.”
Dr. Johnson Asiama
The governor emphasized that these speculative reactions not only distort expectations but also undermine efforts by the central bank to stabilize the currency through well-calibrated policies.
Data Paints a Different Picture
According to Dr. Asiama, the BoG’s latest macroeconomic indicators show a strong performance by the Ghanaian economy, which should inspire confidence in the stability of the cedi.
“You have a country whose trade surplus has doubled compared to last year. If you have a country whose current account has increased from a mere $66 million to over $2 billion in the first quarter of this year, why are you surprised when the exchange rate is showing stability? Look at the data.”
Dr. Johnson Asiama
He explained that such figures are clear signals of a resilient economy, and they contradict the pessimistic projections commonly floated in black market circles.
Dr. Asiama did not spare the media either. He urged journalists and analysts to be more responsible in their reportage on exchange rate issues.
“It appears it’s all about what somebody thinks, and then we all go in that direction. So tomorrow the moment the Zamerama man says the cedi will start depreciating, then everybody starts liquidating. Just look at the data. These things are macroeconomic variables.”
Dr. Johnson Asiama
He called on media houses to analyze and disseminate information based on the official statistics released by the BoG and other credible institutions instead of relying on market rumors.
Exchange Rate Fluctuations Are Natural
Addressing concerns about short-term currency movements, Dr. Asiama emphasized that exchange rate fluctuations are a normal aspect of any economy.
“You notice that in Ghana, we say the exchange rate is going down, and so it keeps going, it keeps going. You notice that trend? I kept saying that, no, no, no, no, allow the exchange rate to move.”
Dr. Johnson Asiama
He explained that the cedi’s flexibility is actually a protective mechanism. When allowed to move within a reasonable band, it shields the economy from external shocks. “Because it’s an endogenous variable. When it moves, it’s actually protecting the country against external shocks. So it must move,” he added.
Dr. Asiama’s remarks underline a broader challenge of economic literacy among the public. By depending on informal and unverified sources for financial guidance, Ghanaians risk making irrational decisions that could negatively impact not only their personal finances but also the broader economy.
He concluded with a passionate call for citizens to rely on verified data and to embrace a more analytical approach to financial news and projections. “As a nation, we need to develop the discipline to rely on real data, not the Alhaji in the corner. Let’s build confidence based on facts,” he said.
With the Ghanaian cedi facing scrutiny amid global economic uncertainties, the BoG Governor’s stern warning may serve as a timely reminder for all stakeholders to turn down the volume on speculation—and turn up the reliance on hard data.
READ ALSO: Banking Sector Shakeup: Five Ghanaian Banks Under Intense BoG Scrutiny Over Capital Failures
