The Association of Ghana Industries (AGI) has reported a modest improvement in the supply of US dollars by commercial banks for their operations.
AGI President, Dr. Humphrey Ayim-Darke, stated that “compared to the past, what we are experiencing right now is significantly better than a month ago.” He made the remarks.
Dr. Ayim-Darke also highlighted that the cedi has shown some stability over the past week and urged the Bank of Ghana to sustain the positive trend. “It is clear that the recent Forex enforcement measures and guidelines are working,” he said.
However, he acknowledged that these measures have posed challenges for some industries and businesses, noting the need to focus on the broader benefits going forward. “If these measures help stabilize the cedi in the long term, that should give us some comfort,” he added.
On the recent directive requiring shipping lines and agencies at the country’s ports to align their rates with the Central Bank and commercial bank quotes, Dr. Ayim-Darke observed that compliance has been uneven. “I think the Bank of Ghana and the Ghana Shipping Authority must enforce the rules strictly,” he said, emphasizing that regulators must ensure all players adhere to Forex regulations and guidelines.
Cedi Performance and Outlook
Market data indicates that the cedi’s rate of depreciation has slowed slightly compared to last week, following sustained pressures from the US dollar in August 2025. Some market analysts attribute this moderation to recent regulatory measures aimed at controlling remittance inflows and strict enforcement of FX rules.
This week, the Bank of Ghana conducted one of its largest 7-day FX forward auctions, offering US$300 million. Commercial banks accepted US$243 million within a price range of GHC 12.15–12.40.
The Central Bank remains optimistic that current pressures on the cedi will ease, citing new monetary measures intended to boost forex inflows for commercial banks. Dr. Philip Abradu-Otoo, Director of Research at the Bank of Ghana, noted on PM EXPRESS Business Edition that the recent directive requiring mining firms to auction their dollar inflows through local banks has already alleviated liquidity challenges.
Source: Joy Business
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