The Bank of Ghana (BoG) has dismissed assertions by some members of the business community that there is a shortage of dollars in the economy.
According to the central bank, the perceived shortage may stem from the strict enforcement of existing foreign exchange regulations, which require full documentation for all dollar transactions.
As reported by myjoyonline.com, a senior BoG official explained that the alleged shortage is largely due to individuals failing to meet the necessary documentation requirements.
Last week, someone was complaining about delays in a forex transfer. We investigated and found that the documentation was inadequate. We want to ensure that all withdrawals and transfers are backed by the required documentation. The Bank of Ghana has a duty to manage Ghanas forex reserves prudently, the official stated.
The official further clarified that commercial banks cannot process forex transactions without proper documentation.
We should also understand that commercial banks will not carry out these transfers unless they are backed by the correct paperwork, the official added.
Earlier, the Bank of Ghana assured the Ghana Union of Traders Association (GUTA) that it is working to ensure sufficient foreign exchange is available to traders in the market. This assurance followed recent complaints by GUTA about difficulties accessing dollars through the banking system.
At the Graphic Business/Stanbic Bank Breakfast Meeting in Accra on July 15, 2025, GUTA President Dr Joseph Obeng expressed concern about the persistent challenges traders face in securing foreign exchange.
He noted that the situation is severely affecting business operations, particularly for importers and small-scale traders, and has forced many to turn to the black market, where rates are significantly higher and more volatile.
There are many reasons why traders choose to do business with particular financial institutions. As I speak, we [traders] are finding it extremely difficult to access foreign exchange at the banks. The forex simply isn’t available, and we have some bankers present at this event who, I believe, should address this situation, Dr. Obeng stated.
However, in a statement sighted by GhanaWeb Business, GUTA acknowledged the Bank of Ghanas assurance to promptly address the issue.
Following numerous complaints by members of the business community about difficulties in accessing foreign exchange from commercial banks, a meeting was held between the Bank of Ghana and the leadership of GUTA, during which the Bank assured the business community that there is enough forex available, and that there is no cause for alarm, the statement noted.
It further stated that the Central Bank is currently engaging commercial banks to determine the cause of the perceived shortage and urged calm in the market.
The Bank of Ghana also intimated that it will communicate with the commercial banks to find out the cause of the perceived shortage and will do everything necessary to resolve the problem. In light of this, the leadership of GUTA is asking members of the business community to remain calm as the Central Bank works to resolve the issue, it added.
The statement concluded with a call for feedback: However, members should report to us if the problem persists.
SSD/MA
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