The Bank of Ghana (BoG) has moved to calm growing concerns over the recent depreciation of the cedi, assuring businesses and commercial banks that it has sufficient foreign exchange reserves to support the market when necessary.
The Central Bank says its Foreign Exchange Intermediation Programme remains active and will continue to be guided by economic data and prevailing market conditions rather than speculation or market sentiment.
The assurance comes after renewed pressure on the local currency over the past two weeks, raising concerns among importers and businesses about dollar availability and exchange-rate stability.
Some commercial banks had earlier indicated that not all of their foreign exchange requests submitted in recent central bank auctions were fully satisfied, fueling fears of tightening dollar liquidity in the market.
However, sources close to the Bank of Ghana insist there is no immediate threat to the country’s reserve position or the broader forex market.
According to the Central Bank, the recent depreciation of the cedi should be viewed as part of normal market adjustments rather than a sign of deeper instability.
Officials argue that exchange rates naturally fluctuate and that a currency that only strengthens continuously without periodic corrections would itself raise concerns for regulators.
The Bank of Ghana further stressed that there are currently no plans to alter its forex intervention strategy for the year, maintaining that the existing programme remains adequate to support market stability.
The Central Bank says it is closely monitoring developments in the foreign exchange market and will only step in when economic indicators justify further intervention.
The latest market pressures come after a strong performance by the cedi earlier in the year.
Bank of Ghana data showed the local currency appreciated by about 24 per cent during the first five months of 2025, making it one of the strongest-performing currencies in the region during that period.
Despite that earlier rally, recent losses have triggered fresh anxiety among businesses that depend heavily on imports and foreign exchange access.
Market data from commercial banks indicate that the cedi has now depreciated by nearly 7 per cent year-to-date following the latest decline.
Even so, the Bank of Ghana maintains that it has adequate reserves and remains capable of providing support to ensure orderly market conditions.
By: Janice Opoku-Agyemang
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