The Bank of Ghana (BoG) has assured that it has recently met all dollar requests and import demands from commercial banks.
Governor Dr. Johnson Asiama dismissed reports suggesting that banks were struggling with dollar liquidity, making it difficult for businesses and clients to access foreign currency. Speaking at the Monetary Policy Committee (MPC) press conference, he said such claims did not reflect the situation on the ground.
“Over the past weeks, there was no single demand that we have not met,” he stressed. “I would be really surprised if businesses are still having problems getting dollars from commercial banks.”
Dr. Asiama noted that any difficulties were more likely related to documentation issues rather than a shortage of dollars or forex supply concerns.
Market Response to BoG Measures
At the MPC briefing, the Governor highlighted improvements in the market over the past seven years and within the last year. “Our reserve position is strong, despite recent pressures, and that should give the market some assurance,” he said.
The Bank of Ghana’s September Economic and Financial Data showed Ghana’s trade surplus rose to $6.2 billion in the first eight months of the year, while international reserves stood at $10.7 billion in August—covering about four and a half months of imports.
On the cedi, Dr. Asiama noted that the local currency remained among the strongest globally year-to-date, appreciating by about 21% as of September 12, 2025. “We have enough reserves to meet all import demand from now to the end of the year,” he assured, adding that the anxiety surrounding the cedi was unwarranted.
Policy Rate Cut and Cedi Outlook
The Bank of Ghana recently reduced its key lending rate to commercial banks by 350 basis points to 21.5%. While some analysts expressed concern that the move could pressure the cedi, especially with potential utility tariff hikes, Dr. Asiama dismissed such fears. He cited anticipated cocoa inflows, donor support, gains from the recent forex crackdown, and rising gold prices as factors supporting a favourable cedi outlook.
He further revealed that regulatory measures had significantly increased remittances, prompting a review of year-end targets, which remain on track. On inflation, Dr. Asiama confirmed that there were no plans to revise the end-of-year target of 12%, despite improvements in the economy.
The Governor also provided updates on the Bank’s gold hedging program and other measures aimed at safeguarding reserves.
Source: Joy Business
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