FACT-CHECK: Did Bank of Ghana governor admit to artificial interference in managing the cedi? 

Claim: Bank of Ghana Governor confirms artificial interference in cedi performance against the dollar

Source: X user 

Verdict: False 

Researched by Gifty Tracy Aminu 

An X user claims that the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, confirmed in an interview that the cedi has appreciated against the dollar because of artificial interference. 

The user shared a 40-second video interview of the Governor on JoyNews on August 30, 2025,  with the caption: “The Governor of Bank of Ghana, Dr. Asiamah, has confirmed that the cedi was doing well because of their artificial interference and the Dollar has now taken its original status, hence the Cedi depreciation.”

In the video, Dr Asiamah is heard saying: “It’s just natural to begin to see pressure build up on the currency just because of the sharp appreciation that occurred. So for us, what you see out there as pressure is just a short-term cash flow problem. 

“The macroeconomic fundamentals are very strong, as at the end of June, you saw all the numbers. Growth is strong, the external sector is very much viable, the current account is very strong, you see the surplus, you see the trade account, the balance of payment is strongest than ever before.”   

This fact-check seeks to verify whether the Governor made such a claim.

Fact-check 

GhanaFact traced the video to an interview between the host of PM Express on JoyNews, George Wiafe, and the Governor of the Bank of Ghana on the JoyNews YouTube channel on August 28, 2025. 

The specific interview was a pre-recorded conversation that was part of the hour-long programme focused on “Bank of Ghana’s Forex Measures and  Impact on business.”

GhanaFact monitored that the 40-second clip was captured between the 8-minute and 40-second mark and the 9-minute and 18-second mark of the bulletin.  

From our analysis of the broader conversation, we found the following:

1. The governor made no mention of artificial interference in managing the cedi.
2. He explicitly referred to a ‘flexible and managed floating’ of the currency.
3. He explained why perceived ‘pressure’ on the cedi was in fact a short-term cashflow issue.

In response to how the cedi was performing, Governor Asiama said: “The cedi versus the dollar, as you know, it’s been in the news for a while now. Remember how we started with the sharp appreciation up until about two months ago, when we saw some slowdown. Through that entire phenomenon, we kept saying that there wasn’t a specific exchange rate that we were targeting. 

“Remember, the exchange rate, as we always say, is an endogenous variable. It must move by the minute, it can move by the seconds, and it can move by the day, and that is the framework we have. What we call it is a flexible and managed floating system. That is what we maintain.”

On economic reactions to the appreciating currency, he said: “Now, when a currency appreciates sharply, it brings on board other phenomena, and we are beginning to see some of those phenomena at play … it’s just natural to begin to see pressure build up on the currency just because of the sharp appreciation that occurred. So for us, what you see out there as pressure is just a short-term cash flow problem.” (watch 7:28 seconds to 9: 41 seconds of the full programme).

‘The statement doesn’t connote artificial interference’ – Economist

GhanaFact contacted an economist, Dr Theophilius Acheampong, on whether the  Governor’s statement pointed to artificial interference; he said, “The statement doesn’t connote artificial interference.”

Asked further if the International Monetary Fund’s (IMF) caution to the government to stop intervening in the forex rate could mean artificial interference, Dr Acheampong said;

“Central banks step in all the time to prop up their currencies. Nothing new there. The issue is whether 10 cedis to the dollar was the optimal mix to encourage both exports and support importers. The answer is no. Cedi’s optimal range is about 12-13 Ghana cedis. Recent market correction reflects that.”

GhanaFact noted that even though the video was not manipulated, the X user deliberately used the caption to mislead his followers who may not have watched the 40-second video or watched it and did not get the benefit of the full video. 

Verdict

Therefore, the claim that the Governor of the Bank of Ghana confirmed artificial interference in the dollar to Ghana cedi forex rate is False.