The Bank of Ghana on Monday dismissed claims of a foreign exchange shortage, assuring traders and importers that there is enough supply of dollars to meet demand.
This follows rising complaints from members of the Ghana Union of Traders’ Association (GUTA) who say delays in accessing forex from commercial banks are disrupting their international transactions.
In response, the central bank held a meeting with GUTA’s leadership last week.
According to a statement issued by the traders’ association, the BoG gave firm reassurances that there is no shortage of dollars and urged the business community not to panic.
“The Bank of Ghana has assured the business community that there is enough forex and that there is no need for alarm,” the statement read.
Following the meeting, Joseph Obeng, GUTA President, asked traders to remain calm as the Central Bank works with commercial banks to fix the delays.
He encouraged members facing ongoing issues to report them to the association for follow-up.
Forex rules, not dollar scarcity, blamed for delays
However, a central bank official, who spoke anonymously to local media, explained that the current challenges have more to do with strict enforcement of forex rules than an actual shortage.
“Last week, someone was complaining about delays in forex transfer. We investigated, only to find out that his documentation was inadequate,” the official said.
“We want to make sure that all these withdrawals and transfers are backed by the required and adequate documentation. The Bank of Ghana has a duty to manage Ghana’s forex reserves prudently.”
The official added that commercial banks are not allowed to process forex transactions without proper paperwork, as part of efforts to manage reserves responsibly.
Banks caution against large dollar cash withdrawals
Meanwhile, the Ghana Association of Banks has launched its investigation. John Awuah, the group’s CEO, said the findings will be shared with the public soon.
He also advised businesses against large over-the-counter withdrawals of foreign currency, urging them to use the formal banking system instead.
“We should understand that the dollar is not our currency and any time one wants to withdraw, that has to be justified,” Awuah said. “Go to countries like Ivory Coast and you cannot withdraw something like $2,000 over the counter.”
He explained that banks are equipped to process dollar transactions through proper documentation and that cash withdrawals should be kept to a minimum.
The BoG’s assurances come as the country’s foreign reserves show resilience despite swings in global commodity prices.
Ghana’s gross international reserves rose from $10.6 billion in May to $11 billion in June, representing 4.8 months of import cover.
Compared to January, reserves have risen by $1.6 billion, far exceeding the International Monetary Fund’s build-up target of $493 million for the first half of the year.
The cedi has also strengthened in 2025, gaining over 50% against the US dollar since January, making it the best-performing currency globally this year.
As of July 21, the cedi was trading at 10.4 per dollar, up from 14.7 at the start of 2025.
