‘Don’t panic, BoG has adequate reserves to support cedi’ – Finance Minister assures businesses

Finance Minister Dr. Mohammed Amin Adam reassured businesses that the Bank of Ghana (BoG) has ample dollar reserves to meet market needs, with reserves reaching $7.5 billion by August 2024.

Upcoming inflows of $360 million from the IMF and $300 million from the World Bank will further boost reserves, aiming to stabilize the cedi amid recent pressures.

Market volatility is driven by high dollar demand for import financing ahead of the Christmas season and speculations tied to upcoming elections.

BoG has also actively intervened through its dollar auction program to address these demands and stabilize the currency.