The Bank of Ghana (BoG) has assured businesses and commercial banks that it has sufficient foreign exchange reserves to meet market demand despite renewed pressure on the cedi in recent weeks.
According to the Central Bank, its Foreign Exchange Intermediation Programme will continue to be driven by market conditions and economic data rather than speculation or sentiment.
The assurance comes amid concerns over limited forex support on the market, which has contributed to the cedi’s continued depreciation over the past two weeks. Data from commercial banks indicate that the local currency has weakened by nearly 7 percent year-to-date.
Some banks had reportedly complained that their foreign exchange requests during recent auctions were not fully met. However, sources close to the Bank of Ghana maintain that there is no need for concern.
The Central Bank described the recent fluctuations in the cedi as minor adjustments that are normal in every currency market. Officials argued that a currency that only appreciates without any corrections could itself become a concern for regulators.
BoG further stated that the current FX Intermediation Programme remains on track and there is no immediate need to alter its strategy for the year.
The Bank also stressed that it is closely monitoring developments in the forex market and will continue to intervene only when necessary and based on economic indicators.
The latest pressure on the cedi follows a strong performance earlier this year. Bank of Ghana data showed the local currency appreciated by about 24 percent during the first five months of 2025.
Despite the recent depreciation raising concerns among businesses over forex availability and exchange rate stability, the Central Bank says it remains confident in its reserves position and its capacity to support the market when needed.
Source: businesspostonline
