BoG Allays Forex Shortage Fears Amid Complaints from Importers
The Bank of Ghana (BoG) has given firm assurances to the Ghana Union of Traders’ Association (GUTA) and the broader business community that there is no shortage of foreign exchange (forex) in the country, following growing concerns from traders over limited access to forex through commercial banks.
The Central Bank, in a meeting with the leadership of GUTA, sought to calm tensions and restore confidence among importers and traders, many of whom have complained about delays and constraints in obtaining forex for international transactions.
In a statement issued by GUTA after the engagement, the Association noted that the BoG had assured it of adequate forex liquidity within the banking system and urged market players to remain composed.
“The Bank of Ghana has assured the business community that there is enough forex and that there is no need for alarm,” GUTA said in the statement.
The BoG is also said to be engaging directly with commercial banks to ascertain the root causes of the reported access challenges and to ensure that corrective measures are swiftly implemented to ease the strain on businesses.
Reacting to the outcome of the meeting, GUTA President, Dr Joseph Obeng, appealed to the business community to exercise patience as the Central Bank works to address the situation.
“The Central Bank is working to resolve the issue, and we urge our members to stay calm. However, if the problem persists, we ask that it be reported to us,” Dr Obeng noted.
The BoG’s intervention comes at a time of heightened concern over forex availability, driven by persistent currency volatility and global supply chain disruptions. Traders say these developments have compounded the cost of doing business, with some already facing delayed shipments and rising operational costs.
Analysts say ensuring timely access to forex is crucial not only for supporting import-dependent businesses but also for maintaining stability in consumer prices and business confidence.
