The Governor of the Bank of Ghana (BoG), Dr. Johnson P. Asiama, has announced a series of foreign exchange (FX) market reforms designed to give small and medium-sized enterprises (SMEs) greater certainty and transparency in accessing foreign currency for trade and investment.
Speaking at a workshop on “Supporting SMEs to Sustainable Global Value Chains” in Accra, organized by the Ghana Association of Banks (GAB) in partnership with Afreximbank, the African Development Bank (AfDB), and the Trade and Development Bank (TDB), Dr. Asiama stressed that predictable FX access is critical for SME competitiveness in both regional and global markets.
“For SMEs importing machinery, exporting goods, or planning investments, FX stability and transparency often determine whether a business survives. Our reforms are about building a fairer, more predictable market that serves the real economy,” he said.
The Governor outlined key elements of the reforms, including:
- Deepening transparency and interbank activity to ensure exchange rates reflect genuine supply and demand rather than speculation.
- Curbing speculative and cash-driven demand by tightening guidelines on large transactions and strengthening anti-money laundering rules.
- Clearer FX auction mechanisms to allow SMEs to plan with greater certainty.
- Promoting dedollarisation by encouraging the use of cedi-denominated trade products and discouraging unnecessary reliance on foreign currency.
Dr. Asiama said the reforms were anchored in Ghana’s broader efforts to stabilize the macroeconomy, which has already seen inflation decline, reserves strengthen, and the cedi appreciate in the first half of 2025.
“FX stability is not a luxury – it is a prerequisite for investment and competitiveness. By reducing volatility and ensuring fairer access, we are equipping SMEs to compete more confidently in regional and global value chains,” he added.
The two-day workshop, held at the Mövenpick Ambassador Hotel in Accra, brought together banks, policymakers, development finance institutions, and private sector leaders to deliberate on how to scale Ghanaian SMEs into international production networks.
In addition to FX reforms, the Governor urged banks to adopt innovative SME financing models such as supply-chain lending, cash-flow financing, and partnerships with development finance institutions.
He also called on SMEs to embrace digitization, sustainability, and compliance with international standards to secure their place in competitive value chains.
“Ghana’s future competitiveness will depend on how effectively we empower our SMEs. With the right financing tools, policy support, and a transparent FX system, they can move from survival to global competitiveness,” Dr. Asiama concluded.
Source: Starrfm.com.gh
