The Financial institution of Ghana (BoG) has assured corporates and business banks that it has ample greenback reserves to satisfy market demand, regardless of renewed strain on the cedi in latest weeks.
The central financial institution stated its international trade intermediation program would proceed to be guided by “information and market tendencies” fairly than sentiment.
The peace of mind follows reviews that there’s restricted foreign money assist out there, which has contributed to the sustained decline within the cedi over the previous two weeks.
The native foreign money has depreciated by nearly 7% for the reason that starting of the yr, based on business financial institution market information.
Some business banks had earlier advised JoyBusiness that every one of their international trade necessities had not been totally met in latest bids.
However sources near the Financial institution of Ghana insist there isn’t a trigger for alarm.
The central financial institution stated the cedi’s latest actions ought to be thought of a “marginal surge” and are a part of a standard market correction.
The Financial institution of Ghana argued that the each day appreciation of the foreign money with none motion can be a trigger for concern to regulators.
Officers additionally claimed that the present international trade intermediation program is progressing effectively and there’s no speedy strain to revise this yr’s plans.
The central financial institution pressured that it continues to intently monitor market developments and that any interventions might be strictly based mostly on financial information.
The latest strain on CEDI comes after robust outcomes earlier this yr.
The native foreign money appreciated by about 24% within the first 5 months of 2025, based on Financial institution of Ghana information.
Nevertheless, latest foreign money depreciation has raised considerations amongst companies about international trade availability and trade price stability.
Nonetheless, the Financial institution of Ghana says it stays assured in its international trade reserve place and its capacity to assist the market if required.
