BoG Dismisses Dollar Shortage Claims, Says There’s Enough to Meet Demand Slug:

The Bank of Ghana has refuted widespread claims of a dollar shortage in the market, assuring the public and business community that there is sufficient foreign exchange to meet legitimate demand.

Jul 21, 2025 - 13:36
BoG Dismisses Dollar Shortage Claims, Says There’s Enough to Meet Demand  Slug:

The Bank of Ghana (BoG) has strongly dismissed recent reports suggesting a shortage of U.S. dollars in the local market, assuring Ghanaians that the central bank has adequate reserves to meet all legitimate foreign exchange demands.

In a press release issued on Monday, the BoG stated that it is actively monitoring the forex market and continues to supply enough dollars through its auction systems and spot market interventions.

“There is no shortage of dollars,” the statement read. “The Bank of Ghana has put in place sufficient measures to ensure that all legitimate foreign exchange requests are met in a timely and efficient manner.”

The statement comes in the wake of growing speculation within the trading and import community, where some dealers and business owners claimed they were unable to access foreign currency, citing long delays and surging rates on the black market.

The BoG attributed the recent pressure on the cedi to seasonal demand surges, speculative activity, and panic buying — not a structural shortage of foreign currency.

“We urge businesses and the general public to remain calm and avoid panic-driven transactions. The central bank remains committed to maintaining stability in the foreign exchange market,” it added.

Exchange Rate Stability Measures

The BoG also highlighted several interventions designed to stabilize the cedi and ensure currency availability, including:

  • Regular FX auctions to banks.

  • Enhanced monitoring of forex bureaus and black-market activities.

  • Tightening of regulatory enforcement to prevent hoarding and arbitrage.

In addition, the Bank revealed that Ghana’s gross international reserves remain healthy, providing strong backing for the local currency. As of June 2025, the BoG reported reserves covering over 3 months of import needs.

Market Reactions

While the central bank’s statement was welcomed by some in the financial sector, parts of the business community remain skeptical. The Ghana Union of Traders Association (GUTA), for instance, has urged the BoG to improve dollar distribution mechanisms to ensure timely access, especially for importers.

Economist Dr. Patrick Amoako says public perception and confidence will be key in curbing the volatility.

“Currency markets are not just about numbers. They’re about psychology. If people believe there’s scarcity, they’ll rush to buy — and that in itself can cause pressure,” he explained.

The BoG is expected to meet with stakeholders from the banking and trading sectors later this week to address concerns and reinforce confidence in the market.

As Ghana prepares for the second half of the fiscal year, ensuring exchange rate stability remains a top priority for economic recovery, trade facilitation, and investor confidence. 

What's Your Reaction?

like

dislike

love

funny

angry

sad

wow