The Bank of Ghana (BoG) 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 would continue to be guided by “data and market developments” and not sentiment.
The assurance follows reports of limited foreign exchange support on the market, which has contributed to the cedi’s sustained depreciation over the past two weeks.
Market data from commercial banks suggest the local currency has depreciated by almost 7 per cent year-to-date.
Some commercial banks had earlier told JoyBusiness that not all their forex requests had been fully met during recent auctions.
But sources close to the Bank of Ghana insist there is no cause for alarm.
According to the Central Bank, recent movements in the cedi should be seen as “marginal blips” and are part of normal market adjustments.
The Bank of Ghana argued that a currency that strengthens every day without any movement would rather be a source of concern for regulators.
Officials also maintained that the current FX Intermediation Programme remains on course and there is no immediate pressure to revise the plan for the year.
The Central Bank stressed that it continues to monitor market developments closely and that any intervention would be based strictly on economic data.
The latest pressure on the cedi comes after a strong run earlier in the year.
Data from the Bank of Ghana showed the local currency appreciated by about 24 per cent in the first five months of 2025.
The recent depreciation has, however, sparked concerns among businesses about forex availability and exchange rate stability.
Despite this, the Bank of Ghana says it remains confident in its reserves position and its ability to support the market when necessary.
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