Bank of Ghana (BoG) Governor Dr. Johnson Asiama has assured the public that the central bank has fully satisfied all recent dollar requests and import needs from commercial banks, countering reports of ongoing liquidity shortages.
Speaking at the Monetary Policy Committee (MPC) press conference, Dr. Asiama dismissed claims that banks are struggling to supply dollars to businesses and clients. “Over the past weeks, there was no single demand that we have not met,” he emphasized. “I will be really surprised if businesses are still having problems getting dollars from the commercial banks.”
He attributed any reported issues to documentation problems rather than actual forex shortages, urging businesses to ensure proper paperwork.
Strong Economic Indicators and Market Confidence
Dr. Asiama highlighted significant improvements in Ghana’s economic position over the past year. The BoG’s September data revealed a trade surplus of $6.2 billion for the first eight months of 2025, with international reserves at $10.7 billion in August—enough to cover 4.5 months of imports. “Our reserve position is strong, despite recent pressures, and that should give the market some assurance,” he said.
The cedi has appreciated by 21% year-to-date as of September 12, ranking it among the world’s strongest currencies. The governor added that reserves are sufficient to handle all import demands through year-end, questioning the basis for current anxieties about the currency.
Policy Rate Cut and Positive Cedi Outlook
In a major move, the BoG reduced its policy rate by 350 basis points to 21.5%, aiming to boost private sector credit and growth. While some analysts worry this could pressure the cedi—especially with potential utility tariff hikes—Dr. Asiama downplayed the risks. He cited upcoming cocoa revenues, donor inflows, gains from forex enforcement, and high gold prices as supportive factors.
Remittances have surged due to new regulations, prompting a review of year-end targets, which remain achievable. On inflation, the governor reaffirmed the 12% end-of-year goal, with no revisions planned amid economic progress. He also noted advances in the BoG’s gold hedging program to protect reserves.
Dr. Asiama’s comments come amid broader efforts to stabilize the financial sector, including directives for mining firms to auction dollars to banks since August.
