THE Bank of Ghana (BoG) has enough reserves to support imports as Christmas approaches, Governor Dr Johnson Pandit Asiama has assured.
According to him, the central bank has adequate foreign exchange to enable importers to meet their obligations and to cushion the economy against undue pressure on the Cedi.
Dr Asiama gave the assurance in Accra on Wednesday at a news conference after the 126th regular meeting of the Monetary Policy Committee (MPC), which announced a reduction in the policy rate.
The MPC, by a majority decision, cut the benchmark policy rate by 350 basis points (3.5 per cent) to 21.5 per cent.
This follows a similar cut in July, when the rate was reduced by 300 basis points (three per cent) to 25 per cent.
In addition, the MPC revised the single Net Open Position limit for banks from plus/minus five per cent to a new range of zero to 10 per cent, effective October 1, 2025.
The measure, the Governor explained, was intended to stimulate interbank forex trading and strengthen liquidity in the system.
“All import demands submitted to us by the 23 banks as of yesterday have been met. There is really no reason why anybody should be anxious about the Cedi.”
Dr Asiama said. “We have enough reserves to support whatever imports are coming up, whether for business or household needs. Our projected cash flow table covers these commitments, so there should be no anxiety at all about the exchange rate going forward.”
He disclosed that Ghana’s Gross International Reserves stood at $10.7 billion as of the end of August, adding that seasonal inflows from Cocoa, gold, remittances would further boost the country’s reserve position.
“We are entering the cocoa season, gold exports are picking up, and remittances are on the rise. Because of the measures we have introduced, we are beginning to see a return of inflows. All these will help us build up reserves and support the cedi,” he said.
The Governor noted that recent concerns about exchange rate pressures were exaggerated and not supported by the data.
“I encourage all of you in the media to make use of our data. If you look at the trend over the last seven years, you will see clearly that the economy is on an upward path. Even if you take just the last one year, the trend is still positive. A little blip does not mean things are getting out of hand,” he stressed.
Dr Asiama said the recent blip in the stability of the Cedi, should not be a source of worry, saying the currency was operating under a managed float regime, which allowed for some movement.
He explained that unlike a fixed exchange rate or a peg, the managed float framework provided flexibility and enabled the economy to respond naturally to market conditions.
“The managed floating framework is still in place and that is what we are using,” Dr Asiama said, stressing it helps the economy adjust to shocks without eroding reserves.
On the central bank’s ongoing hedging programme, Dr Asiama said it was at an advanced stage.
He urged the public and market watchers to be guided by fundamentals rather than speculation.
“The data is clear. Our reserves are strong, inflows are improving, and our measures are working. There is no basis for panic in the forex market,” Dr Asiama said.
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