The Bank of Ghana has moved to reassure businesses and commercial banks that it has sufficient foreign exchange reserves to meet market demand, despite recent pressure on the cedi.
The Central Bank said its Foreign Exchange Intermediation Programme remains firmly on track and will continue to be guided by economic data and market conditions rather than sentiment.
The assurance comes amid reports from parts of the banking sector suggesting that some forex requests have not been fully met in recent auctions, contributing to tighter dollar liquidity on the market.
Recent market data indicates that the cedi has depreciated by nearly 7% year-to-date, raising concerns among businesses about foreign exchange availability and pricing stability.
However, sources within the Bank of Ghana insist there is no cause for alarm, describing the recent currency movements as normal market fluctuations.
Officials argue that the latest depreciation should be viewed as a “marginal adjustment” following earlier gains, noting that the cedi had appreciated by about 24% in the first five months of 2025.
They further explained that a currency that remains completely static would be unusual and potentially unhealthy in a functioning market.
The Bank maintains that its FX Intermediation Programme is still in effect and does not require immediate revision, adding that any intervention will be based strictly on macroeconomic data.
The Central Bank reiterated its confidence in the country’s reserve position and its ability to intervene when necessary to stabilise the market.
Despite this reassurance, the recent forex pressures have heightened concerns among importers and businesses who rely heavily on dollar availability for operations.
The Bank of Ghana says it will continue to closely monitor developments and act where necessary to maintain stability in the foreign exchange market.
