The Bank of Ghana (BoG) has assured businesses and the public that it has been meeting all dollar requests and import demands from commercial banks in recent weeks.
Governor Dr Johnson Asiama rejected reports of persistent dollar shortages, stressing that claims of liquidity challenges do not reflect the current reality.
“Over the past weeks, there was no single demand that we have not met,” he said at the Monetary Policy Committee (MPC) press conference. “I will be really surprised if businesses are still having problems getting dollars from the commercial banks.”
He suggested that any issues businesses may face could be due to documentation challenges, not forex shortages.
Strong Reserves and Surplus
The BoG’s September Economic and Financial Data revealed that Ghana recorded a $6.2 billion trade surplus in the first eight months of 2025.
International reserves stood at $10.7 billion in August, enough to cover about 4½ months of imports. Dr Asiama noted that the cedi has appreciated by 21% year-to-date, making it one of the strongest global currencies as of September 12, 2025.
“We have enough reserves to meet all import demand from now to the end of the year,” he assured. “Therefore, I find it interesting what all the anxiety may be about when it comes to the Ghana cedi.”
Policy Rate and Market Outlook
The BoG recently reduced its key lending rate to 21.5%, a 350 basis-point cut. Some analysts have warned that the move could pressure the cedi, particularly with possible utility tariff hikes.
However, Dr Asiama dismissed those concerns, citing anticipated cocoa inflows, donor support, rising gold prices, and forex crackdown gains as factors supporting the cedi’s stability.
He also highlighted regulatory measures that have boosted remittances, prompting the Bank to review and maintain its year-end targets.
On inflation, he maintained the 12% year-end target, while also pointing to progress in the BoG’s gold hedging program aimed at safeguarding reserves.
