The Bank of Ghana (BoG) has issued a strong assurance to businesses and commercial banks, stating that it possesses adequate dollar reserves to meet market demand despite recent pressures on the Ghanaian cedi. This reassurance comes as the local currency faces renewed depreciation, prompting concerns about foreign exchange availability.
Context of Cedi Pressure
In recent weeks, the Ghanaian cedi has experienced a notable downturn, depreciating by nearly 7% year-to-date, according to market data from commercial banks. This trend has led to reports of limited foreign exchange support during recent central bank auctions, with some commercial banks indicating that their requests were not fully met.
The Bank of Ghana, however, frames these movements as
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