The Bank of Ghana (BoG) has revealed that it has in recent times, met all dollar requests and import demands from commercial banks.
Governor of the Bank of Ghana, Dr. Johnson Asiama, rejected reports suggesting that banks were still facing dollar liquidity challenges, making it difficult to meet the demands of businesses and clients.
He explained at the Monetary Policy Committee (MPC) press conference that the claims did not reflect the situation on the ground.
“Over the past weeks, there was no single demand that we have not met,” he stressed. “I will be really surprised if businesses are still having problems getting dollars from the commercial banks.”
Dr. Asiama suggested that if there were any difficulties, they were likely due to documentation issues rather than dollar shortages or forex supply concerns.
Market Response to BoG Measures
Responding to further questions at the MPC press briefing, Dr Asiama noted that the market situation had improved significantly over the past seven years and even within the last year.
“Our reserve position is strong, despite recent pressures, and that should give the market some assurance,” he said.
The Bank of Ghana’s September Economic and Financial Data showed Ghana’s trade surplus increased to $6.2 billion in the first eight months of the year.
The country’s international reserves stood at $10.7 billion in August, covering about 4½ months of imports.
On the cedi, the Governor noted that the local currency remained among the strongest globally year-to-date, appreciating by about 21% 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 Cut and Cedi Outlook
The Bank of Ghana recently cut its key lending rate to commercial banks by 350 basis points to 21.5 per cent.
Some market analysts have expressed concern that the move could worsen pressure on the cedi, especially with the possibility of utility tariff hikes.
But Dr Asiama dismissed such fears, explaining that anticipated cocoa inflows, donor support, gains from the recent forex crackdown, and rising gold prices all point to a favourable outlook for the cedi.
He also revealed that regulatory measures had led to a significant rise in remittances, prompting a review of the Bank’s year-end targets, which remain on track.
On inflation, Dr Asiama maintained that there was no plan to revise the end-of-year target of 12 per cent, despite improvements in the economy.
He further disclosed progress in the Bank’s gold hedging program, alongside other measures aimed at safeguarding reserves.
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