BoG dismisses dollar shortage claims
By Praisebell Rosemond Larbi
The Bank of Ghana (BoG) has confirmed that it has recently satisfied every dollar request and import demand submitted by commercial banks, firmly rejecting reports of foreign exchange shortages or liquidity challenges in the financial system.
Governor Dr Johnson Asiama told journalists at the Monetary Policy Committee (MPC) press briefing that current concerns about dollar scarcity do not reflect market reality.
“Over the past weeks, there was no single demand that we have not met. I would be really surprised if businesses are still having problems getting dollars from the commercial banks,” he emphasised.
According to Dr Asiama, any isolated difficulties businesses may experience are far more likely due to documentation or procedural issues than to any genuine shortage of forex supply.
Market Response to BoG Measures
The Governor further highlighted that market conditions have strengthened significantly over the past seven years and even within the last twelve months.
“Our reserve position is strong, despite recent pressures, and that should give the market some assurance,” he stated, underscoring the central bank’s proactive management of reserves.
Data from the BoG’s September Economic and Financial release shows that Ghana’s trade surplus increased to USD6.2 billion during the first eight months of 2025.
At the same time, gross international reserves stood at USD10.7 billion in August, sufficient to cover about four and a half months of imports, which analysts view as a comfortable buffer.
On the currency front, Dr Asiama noted that the cedi remains one of the world’s best-performing currencies, appreciating by roughly 21 per cent as of 12 September 2025.
“We have enough reserves to meet all import demand from now to the end of the year,” he assured, urging businesses and the general public to remain confident in the stability of the currency.
Policy Rate Cut and Cedi Outlook
The Bank of Ghana recently reduced its key lending rate to commercial banks by 350 basis points to 21.5 per cent, a decisive policy move intended to stimulate borrowing and economic activity.
While some analysts worry that lower rates could place added pressure on the cedi, particularly if utility tariffs rise, Dr Asiama dismissed those concerns.
