The Governor of the Bank of Ghana, Dr. Johnson Asiamah, has refuted claims that the Central Bank is deliberately manipulating the exchange rate to drive the recent appreciation of the Cedi.

The local currency has recorded significant gains in recent weeks, sparking speculation that the Central Bank may be employing artificial measures to influence its value.

Speaking at the Ghana CEO Summit held in Accra on Monday, May 26, 2025, Dr. Asiamah attributed the Cedi’s performance to sound macroeconomic fundamentals.

“Our Cedi has appreciated by 24.1% against the US dollar. Let me emphasise that the Central Bank is not using international reserves to prop up the Cedi, nor are we engineering an unsustainable appreciation,” he said.

According to Dr. Asiamah, the Cedi’s strength is underpinned by disciplined monetary policy, targeted foreign exchange reforms, improved remittance flows, and enhanced market surveillance.

“These are not short-term interventions—they are deliberate, structural changes aimed at ensuring long-term stability,” he added.

Source: Citi Newsroom

The Bank of Ghana (BoG) has launched an investigation into the return of transfer charges by some commercial banks following the recent removal of the Electronic Transfer Levy (E-Levy).

Many customers have raised concerns about the reappearance or hike in fees on transactions between personal bank accounts and mobile money wallets—fees that seemed to re-emerge almost immediately after the E-Levy was scrapped.

BoG data reveals a sharp GHC 5 billion decline in total deposits across the banking sector between March and April 2025. While the Central Bank has not confirmed the cause of the drop, Governor Dr. Johnson Asiama stated that the affected banks will be engaged to promote transparency and protect consumer interests.

“It came to our attention that some banks are introducing these charges. We are currently investigating. I’m aware of at least one bank involved. This has been duly noted, and we will look into it thoroughly,” Dr. Asiama said during a Monetary Policy Committee briefing in response to a question from Citi Business News‘ Nii Larte Lartey.

In contrast, mobile money platforms have seen a surge in usage. The total value of mobile money transactions climbed to GHC 365.0 billion in April 2025, a 3.8% rise from GHC 351.7 billion in March—making it the highest monthly figure recorded this year.

Transaction volumes also increased, with the number of transfers rising from 764 million in March to 778 million in April, highlighting the growing preference for mobile money in both personal and business dealings.

The BoG attributes this growth to greater mobile penetration, the expansion of agent networks, and the convenience of digital financial services. These trends are contributing significantly to financial inclusion and accelerating Ghana’s transition toward a cash-lite economy.

Dr Naomi Wolali Kwetey has been nominated as the Acting Managing Director of the Consolidated Bank Ghana Ltd (CBG).

Her appointment, made by President John Mahama, was communicated in a letter dated March 26, 2025.

The letter, signed by the Minister of Finance, Dr. Cassiel Ato Forson, was addressed to the Board Chairman of CBG.

Alongside Dr Kwetey, Ms. Shiela Azuntaba has been nominated as Deputy Managing Director, with both appointments taking effect from March 26, 2025.

A copy of the letter directed the Board to formalise the appointments in accordance with the Companies Act, 2019 (Act 992) and the bank’s constitution.

Profile of Dr Naomi Wolali Kwetey

Dr. Mrs. Naomi Wolali Kwetey, wife of NDC General Secretary Fifi Fiavi Kwetey, is a seasoned banking professional with over 20 years of experience in corporate banking, treasury management, credit, and strategic management.

She has built a distinguished career at Ecobank Ghana and the former Trust Bank, which was acquired by Ecobank in 2011.

A financial expert, she is a Fellow of the Chartered Institute of Bankers (FCIB) and a Chartered Dealer (ACI).

Dr. Kwetey is recognized as a turnaround leader with expertise in supervisory controls and sustainable growth within Ghana’s banking sector.