The Monarch of the Asante Kingdom, Otumfuo Osei Tutu II, has encouraged the Bank of Ghana (BoG) to keep to the right path that has transformed the fortunes of the cedi.
The King reckoned that the exchange rate stability reflects prudent measures and therefore urged the Management and Board to sustain it at all costs.
“Over the past year, after a difficult period, we have begun to breathe easy as the cedi stabilises on the foreign exchange market…It’s appropriate to acknowledge the discernible shift in direction and to encourage you to take any measure that will keep us on the right trajectory.”
The Asantehene made these remarks as he intimated that the cedi gains were early stools of progress.
Alert
The Occupant of the Golden Stool further reminded them of the similarly urgent attention needed for the interest rate.
“I hope the unavoidable attention being paid to the cedi does not mean we are relegating the second mandate of the Bank, which has to do with interest rates.”
High Interest Rate is Economically Crippling
His Majesty highlighted that the prevailing interest rate was harmful to the economy.
While falling on past experience, Otumfuo suggested that the Bank needed to accelerate the pace of interest rate reduction.
The Asantehene posited that no amount of government intervention or international investment guaranteed development like domestic private investment.
As such, His Majesty said the current interest rate and level are enemies to this investment.
“The challenge I leave with your creative brains is to fashion how you move the economy from the crippling high-interest regime to a level where it becomes a stimulant of business and wealth creation.”
Let the Managers Be
Furthermore, Otumfuo urged political parties to offer the Central Bank the needed unpolarized atmosphere to discharge its duties.
The Monarch stressed the crucial mandate of the institution, saying citizens’ lives and success are in their trust.
“Ideally, this citadel should be a fortress insulated from the strings and arrows of political warfare. Whatever it is, we should think twice before we do anything which has the capacity to cast a stain on the integrity of the Bank.”
“I will appeal to the nation to both sides of the political divide, to give the governor and his team a chance, respect and space to perform their professional duties. Support them on the right path and offer counsel as necessary for the good of the Bank.”
Confidence
The Monarch also expressed confidence in the brains entrusted with running the country’s monetary activities.
According to His Majesty, their expertise is second to none.
“I can confidently declare my trust in the capacity of the able young brains I see today to help the Bank fulfil its mandate.”
Cedi Appreciation Not Accidental
For his part, the Governor of the Bank of Ghana (BoG), Johnson Asiama, has reported that the appreciation of the cedi isn’t by accident, but through deliberate and consistent reforms laid out.
Recalling concerns raised by Otumfuo Osei Tutu II, Asantehene, during a courtesy call by the Board and Management of the Bank last year, he told the King that the cedi gains were premised on prudent policies and measures.
He outlined sustained monetary discipline, improved food supply conditions, and closer coordination between the Central Bank and the Ministry of Finance as the foundational bricks.
Improvement, Not Permanence
The Governor further intimated that his outfit is not treating the recent exchange rate stability as permanent but as an improvement.
He said sustainability will result from fiscal restraint instead of excess, production over consumption, exports over imports, and long-term thinking over short-term comfort.
“We remain careful not to confuse improvement with permanence. Exchange rate stability is not something that can be declared; it must be earned continuously.
“A currency remains strong only when the real economy beneath it is productive, competitive, and disciplined. That is why we see the cedi’s performance not as a victory lap, but as a responsibility.”
Making Cedi Gains Durable and Inclusive
Dr Asiama, on that note, assured the Monarch of its commitment to making the exchange rate stability reflect in all levels of households.
He said his focus was to translate the gains from statistics to better living conditions and thereby looking forward to transforming it into jobs for the youth, a stronger local industry, affordable credit that does not reignite inflation, and a financial system that supports enterprise and long-term investment.
“The Bank of Ghana is fully committed to playing its role, firmly, independently, and professionally, so that the gains we are beginning to see become durable and inclusive.”
Asantehene Visit Timely
For the Bank, the visit of the Asantehene was timely as His Majesty has long been an advocate of fiscal restraint, local production and export-based economy.
“You have spoken about the need to empower Ghanaian enterprise, support education, and build an economy that produces, not merely trades. These messages align closely with what economic history teaches us: that prosperity follows discipline, and stability follows credibility.”
Asantehene’s Unique Leadership
He observes that the Asantehene’s authority is not one of noise or force but is characterised by balance, restraint, and moral clarity.
According to him, the brand of His Majesty’s leadership is quiet, steady, and deeply anchored in wisdom.
These unique traits, he recognises, have been of much benefit to him in moments of national tension.
“That instinct for stability has made your voice relevant not only in matters of chieftaincy and social cohesion, but also in the broader national conversation about development, discipline, and progress.”
Story by Hajara Fuseini
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Source:
opemsuo.com