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.<\/p>\n
The Central Bank said its Foreign Exchange Intermediation Programme would continue to be guided by \u201cdata and market developments\u201d and not sentiment.<\/p>\n
The assurance follows reports of limited foreign exchange support on the market, which has contributed to the cedi\u2019s sustained depreciation over the past two weeks.<\/p>\n
Market data from commercial banks suggest the local currency has depreciated by almost 7 per cent year-to-date.<\/p>\n
Some commercial banks had earlier told JoyBusiness that not all their forex requests had been fully met during recent auctions.<\/p>\n
But sources close to the Bank of Ghana insist there is no cause for alarm.<\/p>\n
According to the Central Bank, recent movements in the cedi should be seen as \u201cmarginal blips\u201d and are part of normal market adjustments.<\/p>\n
The Bank of Ghana argued that a currency that strengthens every day without any movement would rather be a source of concern for regulators.<\/p>\n
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.<\/p>\n
The Central Bank stressed that it continues to monitor market developments closely and that any intervention would be based strictly on economic data.<\/p>\n
The latest pressure on the cedi comes after a strong run earlier in the year.<\/p>\n
Data from the Bank of Ghana showed the local currency appreciated by about 24 per cent in the first five months of 2025.<\/p>\n
The recent depreciation has, however, sparked concerns among businesses about forex availability and exchange rate stability.<\/p>\n
Despite this, the Bank of Ghana says it remains confident in its reserves position and its ability to support the market when necessary.<\/p>\n
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.<\/p>\n
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.<\/p>\n","protected":false},"excerpt":{"rendered":"The Bank of Ghana (BoG) has assured businesses and commercial banks that it has enough dollar reserves to…\n","protected":false},"author":2,"featured_media":590401,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,56,54,55],"class_list":["post-590400","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/590400","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=590400"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/590400\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/590401"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=590400"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=590400"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=590400"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}