By Adnan Adams Mohammed
The Ghanaian business community and international investors are eyeing renewed stability in Ghana’s financial markets.
This follows as the Bank of Ghana (BoG) highlights a robust US$12.9 billion foreign exchange reserve buffer, designed to shield business operations from external currency volatility and anchor long-term economic predictability.
Speaking at a stakeholder engagement with the Sunyani business community, Bank of Ghana Governor Dr. Johnson Pandit Asiama assured investors that the country’s external position remains resilient, backed by five months of import cover and strong trade surpluses.
“Our external sector has also remained resilient. Exports of gold and cocoa have performed strongly, helping Ghana record a higher trade surplus during the first half of the year,” Dr. Asiama told attendees. “Although higher global oil prices have increased our import bill, Ghana continues to maintain strong foreign exchange reserves of about US$12.9 billion, enough to cover five months of imports.”
The Governor emphasized that maintaining a substantial reserve balance serves as a crucial anchor for investor confidence, equipping the central bank with the necessary leverage to intervene and maintain order in the domestic foreign exchange market during volatile periods.
“These reserves give us a strong buffer against external shocks and help the Bank of Ghana support stability in the foreign exchange market,” he added.
Touching on currency performance, Dr. Asiama acknowledged that the Ghanaian cedi faced noticeable depreciation pressures earlier in the year as geopolitical instability, most notably escalating conflicts in the Middle East, disrupted global market dynamics. However, he reassured business leaders and investors that the cedi has since rebounded and stabilized.
“The cedi experienced some pressure earlier this year because of global developments, particularly the conflict in the Middle East, but it has since recovered,” Dr. Asiama explained. “We remain committed to maintaining an orderly and well-functioning foreign exchange market.”
Concluding his address, the BoG chief reiterated that the central bank will maintain proactive monetary policies to protect the cedi’s value, preserve macroeconomic stability, and foster a business-friendly environment conducive to long-term investment and economic growth.
