The Governor of the Bank (BoG), Dr. Ernest Addison, has indicated that there are enough dollar reserves to support the cedi as the Christmas festivities approach in December.
The head of the central bank assured Ghanaians that the bank has put in place measures that will help maintain the stability of the cedi as businesses get ready to import for the festive season.
“I think that businesses have to trust the Bank of Ghana when we say that we have enough reserves,” he said in response to a question he was asked during a media engagement after the Monetary Policy Committee last week.
“The market should be rest assured that we have the ability to step in to support the demands coming from businesses and individuals, and there is no need for them to panic,” he said.
He said the BoG’s international reserves have increased by US$1.58 billion over the past months to reach US$7.50 billion ending August 2024.
The amount is equivalent to 3.4 months of import cover.
Net International Reserves has also increased by US$1.73 billion to US$4.92 billion at the end of August 2024.
He attributed the higher buildup in the Gross International Reserves on the account to a strong performance of the domestic gold purchase program.
On the performance of the cedi, he explained that the local currency has been relatively stable, saying, “This is due to a tight monetary policy stance and improved forex liquidity support.”.
“From the beginning of the year to September 25, 2024, the Ghana cedi depreciated by 24.3 percent against the U.S. dollar. In the second half of the year, the dollar has witnessed a slower pace of depreciation of 7.1 percent,” he added.
By: Rainbowradioonline.com/Ghana
