The Bank of Ghana (BoG) has affirmed that it has recently satisfied all foreign exchange requests from commercial banks, rejecting concerns that the banking sector is still grappling with dollar shortages.
At a Monetary Policy Committee press conference, Bank of Ghana Governor Dr. Johnson Pandit Asiama assured that all recent dollar demands had been fully met, dismissing claims of systemic shortages.
He explained that any challenges businesses faced in accessing foreign exchange were likely due to documentation issues rather than illiquidity.
Ghana’s reserves stand at US$10.7 billion, enough to cover about 4½ months of imports, while trade data show a US$6.2 billion surplus in the first eight months of the year.
The cedi has also gained about 21% year-to-date by mid-September.
The Governor reassured businesses and importers that dollar availability is not a constraint, emphasizing the need for compliance in transactions, and pointed to improving macroeconomic indicators as signs of recovery and stability.
Source: myxyzonline.com/ Michael N. C Botchway
