Accra, Ghana — Access to dollars from commercial banks has shown a slight uptick, easing some pressures on Ghanaian industries, according to Dr. Humphrey Ayim-Darke, president of the Association of Ghana Industries (AGI). The development comes as the Ghanaian cedi stabilizes amid ongoing central bank efforts to bolster foreign exchange reserves.
Dr. Ayim-Darke shared the assessment during an appearance on Joy News’ PM Express Business Edition on September 25, 2025, hosted by George Wiafe. “Access to foreign exchange has become better compared to a month ago,” he said, crediting recent interventions by the Bank of Ghana (BoG). He noted that the cedi has held steady over the past week, reflecting reduced volatility after months of depreciation.
The AGI president’s comments follow the BoG‘s $300 million foreign exchange auction in September, which industry leaders say has helped alleviate market strains. “The BoG‘s FX auction is easing market pressures,” Dr. Ayim-Darke stated, emphasizing its role in supporting industrial operations reliant on imported raw materials. Ghana’s manufacturing sector, which contributes about 25% to gross domestic product, has long grappled with dollar shortages, driving up production costs and hindering competitiveness.
Yet, challenges persist. Dr. Ayim-Darke highlighted non-compliance by some shipping lines and agencies at Ghana’s ports with a recent directive to align rates with central bank and commercial bank quotes. “Not all of them have complied,” he said. “The Bank of Ghana and the Ghana Shippers’ Authority must crack the whip to ensure all players follow forex regulations.” He urged regulators to enforce guidelines strictly to prevent arbitrage and stabilize import costs.
The BoG has scaled back direct interventions in the forex market while maintaining ample liquidity, according to its latest data. Gross international reserves stood at $10.7 billion in August 2025, covering 4.5 months of imports—a buffer that has reassured markets. On September 18, the central bank slashed its benchmark policy rate by 350 basis points to 21.5%, the second major cut this year, driven by disinflation and robust growth. This move, Dr. Ayim-Darke added, leaves banks with little choice but to ramp up lending to the private sector, potentially spurring investment.
Ghana’s economy has rebounded since the 2022 debt crisis, with first-half 2025 GDP expanding 5.2%. The cedi‘s relative calm contrasts with earlier 2025 pressures from global commodity swings and seasonal import demands. AGI officials, representing over 1,000 firms, have advocated for sustained monetary policy support to lock in these gains. “Regulators must ensure momentum isn’t derailed,” Dr. Ayim-Darke warned, calling for vigilant oversight.
Broader foreign exchange dynamics include a $6.2 billion trade surplus in the first eight months of 2025, fueled by gold and cocoa exports. However, industry groups like AGI stress the need for structural fixes, such as enhancing local content in manufacturing and curbing illicit capital outflows, to build long-term resilience.
Dr. Ayim-Darke’s remarks underscore cautious optimism in Ghana’s business community. As the nation eyes single-digit inflation by year-end, improved dollar supply could translate to lower input costs and stronger output. Still, full recovery hinges on consistent enforcement and policy continuity amid external risks like U.S. interest rate shifts.
The AGI continues to press for collaborative action between government, central bank, and private stakeholders to safeguard economic stability and foster growth.
