Finance

Don’t panic, we have enough dollars to stabilise the cedi – BOG to banks

The Bank of Ghana, BOG has asked market players not to panic because they have adequate dollars to stabilize the cedi. The BOG gave the assurance in a circular issued to all commercial banks in the country.

According to Joy FM’s report, the circular could be seen as the fresh move by the BOG to manage market sentiments because of its impact on the Ghana Cedi.

The regulator believes the current pressure on the cedi is not backed by real demand but fears that the local currency position could worsen very soon.

The central bank’s reserve is said to be more than 8 billion dollars for this month, however, despite this strong position, the pressure on the Ghana Cedi reaches high levels

The Ghana Cedi is currently trading against the dollar at GHC5.57075, this could get worse because businesses will seek more dollars to finance their imports this period.

The Central Bank has however maintained that building up the required dollar reserve is needed to up the support required to slow the cedi’s rate of depreciation, the Central Bank said they are working to align its forex rate to that of the market.

This will help address the disparity in the regulator’s rate and what the commercial banks are offering to the public and this will help firmly stabilise the Ghana cedi against the dollar.

 

Source: primenewsghana.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

Related Articles

Back to top button