The Bank of Ghana (BoG) has assured businesses and commercial banks that it has enough foreign exchange reserves to support the market despite renewed pressure on the cedi in recent weeks.

According to the Central Bank, its Foreign Exchange Intermediation Programme will continue to be guided by economic data and market conditions rather than speculation or public sentiment.

The assurance comes after concerns emerged over limited dollar supply on the market, with some commercial banks indicating that not all their foreign exchange requests had been fully met during recent auctions. The situation has contributed to the cedi’s recent depreciation against major foreign currencies.

Market data from commercial banks show that the cedi has depreciated by nearly 7% since the beginning of the year.

However, sources close to the Bank of Ghana say there is no reason for panic, insisting that the recent movements in the exchange rate are only temporary market adjustments.

Officials at the Central Bank described the recent changes as “marginal blips,” explaining that fluctuations in the value of a currency are normal in every economy. According to the Bank, a currency that continuously strengthens without any movement could also raise concerns for regulators.

The Bank of Ghana further stated that the current FX Intermediation Programme remains on track and there are no immediate plans to review or alter the strategy for the year.

The Central Bank added that it is closely monitoring developments in the foreign exchange market and will only intervene when necessary, based on economic indicators and market data.

The latest pressure on the cedi comes after a strong performance earlier this year. Data from the Bank of Ghana showed that the local currency appreciated by about 24% during the first five months of 2025.

Despite the recent depreciation, the Bank of Ghana says it remains confident in the country’s reserve position and its ability to provide support to the market whenever needed.

Businesses, however, continue to monitor the situation closely as concerns over forex availability and exchange rate stability remain important for importers and other sectors that rely heavily on foreign currency transactions.