The Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, has responded to claims that the Central Bank has run out of dollars, following its decision to scale back the supply of foreign exchange on the market.

According to Dr Asiama, the BoG has an adequate supply of foreign exchange for market needs.

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The Bank of Ghana reduced the volume of forex injected into the market in the second quarter of 2025, following several warnings from the International Monetary Fund and the World Bank.

In addition to the reduction in forex supply, the Central Bank has enforced guidelines relating to the importation and exportation of foreign exchange and the pricing of items in dollars and other foreign currencies.

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Contrary to speculations that the development signals a shortage of dollars, the governor stated, "Let me be clear, we are not running out of dollars; market rates and official rates are being driven by bad market practices."

Dr Asiama added that the BoG is not the sole supplier of forex, but plays a supporting role to aid liquidity in the market.

"We have also taken measures to ensure that liquidity improves in the market, alongside ensuring that the interbank market functions adequately. The interbank market is supposed to take care of itself in terms of inflows from trade and remittances," the governor said in an interview on Accra-based JoyNews.

He also noted that some remittance companies have been “offshoring foreign exchange instead of bringing it home,” and confirmed that the BoG has identified and closed these loopholes.

"Some payment service providers have experimented with crypto and offshore settlement models. While innovation is welcomed, such practices must not weaken the cedi, and we will move to regulate these activities within the law," Dr Asiama affirmed.

Highlighting the current economic performance, he said his optimism about a turnaround is based on the fact that the “current macroeconomic situation is sound and solid, which should positively impact the cedi’s value going forward.”

The Governor also pointed out, "We should remember that Ghana is under an IMF programme, and we are monitoring our reserves carefully, especially regarding market interventions."

"So we can be assured that as far as the IMF programme and Ghana’s reserves are concerned, we are okay," Dr Asiama concluded.

Watch the interview below

Cedi’s current pressure is a short-term blip; things will normalise soon – BoG Governor assures.#JoyNews pic.twitter.com/LvUVBkHTbI

— JoyNews (@JoyNewsOnTV) August 27, 2025