No need to panic as BoG assures businesses of adequate dollar supply amid cedi pressure

The Bank of Ghana has assured businesses and commercial banks that it has enough dollar reserves to meet market demand despite renewed pressure on the cedi in recent weeks.

The Central Bank said its Foreign Exchange Intermediation Programme will continue to be guided by data and market developments rather than sentiment.

The reassurance follows reports of limited forex support on the market, which has contributed to the cedi’s sustained depreciation over the past two weeks. Market data from commercial banks indicate that the local currency has depreciated by almost 7 per cent since the beginning of the year.

Some commercial banks earlier told JoyBusiness that not all their forex requests had been fully met during recent auctions. But sources close to the Bank of Ghana say there is no cause for alarm.

According to officials, recent movements in the cedi should be viewed as marginal blips and part of normal market adjustments. The Central Bank argued that a currency that appreciates consistently without fluctuation would rather raise concerns for regulators.

They also maintained that the current FX Intermediation Programme remains on track and that there is no immediate need to revise the plan for the year.

The Bank of Ghana added that it is monitoring market developments closely and that any intervention will be based strictly on economic data.

The latest pressure on the cedi comes after a strong performance earlier in the year. Data from the Central Bank showed that the currency appreciated by about 24 per cent in the first five months of 2025.

The recent depreciation has sparked concerns among businesses about forex availability and exchange rate stability. However, the Bank of Ghana insists it remains confident in its reserves position and its ability to support the market when necessary.