Professional services firm Deloitte has raised concerns over the reported difficulty in accessing foreign exchange (forex) in Ghana, despite signs of cedi stability and increasing reserves in recent months.
In its review of the 2025 Mid-Year Budget, Deloitte highlighted a growing disconnect between Ghana’s official forex position and market realities, warning that the perception of scarcity could fuel speculative demand and put pressure on the cedi.
“This perception, if left unaddressed, could lead to speculative demand and short-term depreciation pressures,” Deloitte noted.
The firm recommended that the Bank of Ghana (BoG) step up liquidity support to ease anxiety and restore confidence in the market.
The analysis follows complaints from some importers who say they are unable to access forex through commercial banks. But in response, Bank of Ghana Governor Dr. Johnson Asiama dismissed claims of widespread shortages.
Speaking at the 125th Monetary Policy Committee (MPC) press conference on July 30, Dr. Asiama said the central bank continues to support the market with forex inflows, especially from the mining sector.
“We are supporting the market regularly almost every day,” he said. “Inflows, particularly from mining, now come directly to us. We also purchase directly from mining firms, so it’s only natural that we supply the banks.”
While acknowledging some isolated cases of limited access, he explained that these were largely due to documentation issues by importers rather than actual shortages of foreign currency.
“In some cases, importers lacked the necessary paperwork, which delayed access to forex. We investigated and found no systemic shortage,” he clarified.
Dr. Asiama also pointed out that commercial banks rely on their Nostro accounts, foreign accounts used to settle international payments to facilitate imports.
However, inflows into these accounts, especially from remittances, have declined since April 2025.
“We are investigating the decline in remittance inflows thoroughly,” he said. “Just yesterday, we issued a notice to banks, payment service providers, and money transfer operators to improve data sharing and ensure that these funds are channelled into the formal system.”
To address the issue and improve transparency, the BoG will now monitor Nostro account transactions more closely to ensure all foreign exchange inflows are properly recorded and used to support trade and economic activity.
Dr. Asiama assured the public that these interventions are aimed at maintaining a stable forex market, preventing panic-driven speculation, and protecting the cedi from undue volatility.
