The Bank of Ghana (BoG) has allayed mounting fears within the business community over reported difficulties in accessing foreign exchange, particularly through commercial banks.
This assurance follows growing concerns raised by members of the Ghana Union of Traders’ Association (GUTA), who say limited access to forex is hampering their ability to carry out critical international transactions, including the importation of goods.
In a high-level engagement with GUTA leadership, the Central Bank assured that there is no shortage of foreign exchange in the system and that the country’s forex reserves remain adequate to support legitimate trade.
A statement issued by GUTA following the meeting noted that the BoG will be working closely with commercial banks to identify the root causes of the reported access challenges. The Central Bank pledged to implement the necessary measures to ensure a smooth and timely flow of forex to businesses.
“We urge our members not to panic. The Bank of Ghana has given strong assurances that there is sufficient foreign exchange in the system. Any trader experiencing persistent challenges should report the issue to GUTA for swift intervention,” said Dr. Joseph Obeng, President of GUTA.
The BoG’s intervention comes at a critical time, with traders grappling with the effects of currency volatility, supply chain disruptions, and global economic uncertainties. Stakeholders say consistent and predictable access to forex is vital to maintain price stability and keep trade flowing smoothly.
As the Central Bank works to resolve the bottlenecks, GUTA has also committed to liaising with affected members to provide real-time feedback and ensure accountability in the system.
The BoG is expected to issue further updates in the coming days as it monitors the situation and engages key financial institutions on next steps.
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