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
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