The Bank of Ghana has assured businesses and commercial banks that it has sufficient dollar reserves to meet foreign exchange demand despite renewed pressure on the cedi in recent weeks.
According to the Central Bank, its Foreign Exchange Intermediation Programme will continue to be guided by economic data and market developments rather than speculation or sentiment.
The assurance follows concerns over limited foreign exchange support in the market, which has contributed to the cedi’s recent depreciation.
Market data from commercial banks indicate that the local currency has depreciated by nearly seven per cent year-to-date.
Some commercial banks had earlier indicated that not all their foreign exchange requests were fully met during recent forex auctions.
However, sources close to the Bank of Ghana maintain that there is no cause for concern.
The Central Bank described the recent movements in the cedi as “marginal blips,” arguing that such fluctuations are part of normal market adjustments.
Officials further noted that a currency that strengthens continuously without any movement could itself become a concern for regulators.
The Bank of Ghana also stated that the current Foreign Exchange Intermediation Programme remains on track and that there is no immediate need to revise the year’s intervention plan.
According to the Bank, interventions in the foreign exchange market will continue to be based strictly on economic data and ongoing market conditions.
The latest pressure on the cedi comes after a strong performance earlier in the year.
Data from the Central Bank showed that the cedi appreciated by about 24 per cent during the first five months of 2025.
Despite recent depreciation concerns among businesses over forex availability and exchange rate stability, the Bank of Ghana says it remains confident in its reserve position and its capacity to support the market when necessary.
