The Bank of Ghana has assured businesses and the public that it is well positioned to handle seasonal demand for foreign exchange, even as the Ghana cedi continues to experience pressure against the US dollar.

The central bank says it currently holds international reserves of about US$14.42 billion as of May 2026, which it believes is strong enough to support the foreign exchange market without putting strain on its buffers.

This reassurance comes at a time when the cedi has recorded a depreciation of more than 8% against the US dollar, according to recent central bank data. Despite this movement, officials say the situation remains manageable and does not call for panic among businesses or retailers.

The Bank of Ghana has explained that the current depreciation is largely seasonal. It says demand pressures, especially from the energy sector, are playing a major role in the increased need for foreign exchange.

According to the central bank, rising global oil prices—linked partly to ongoing tensions in the Middle East—have pushed up Ghana’s oil import bill. This has increased the amount of dollars needed to pay for fuel imports, adding pressure on the cedi.

Data from the Bank’s May 2026 Summary of Economic and Financial Information shows that Ghana’s oil import bill rose from about US$1.6 billion in April 2025 to US$2 billion in April 2026. Officials say this jump has contributed significantly to recent forex demand.

Speaking at the 130th Monetary Policy Committee press briefing, the Governor of the Bank of Ghana, Johnson Asiama, said the central bank has enough buffers to meet market demand and prevent excessive volatility.

He described the current pressures on the cedi as temporary, pointing to seasonal factors such as dividend payments and higher energy-related imports as key drivers of demand for foreign currency.

Mr. Asiama also explained that exchange rate movements are a normal part of the economy. According to him, “appreciation or depreciation is normal, but what the Bank monitors closely is excessive volatility.”

Despite the recent depreciation, the central bank maintains that the cedi has shown resilience overall and continues to be supported by available reserves and ongoing policy measures.