The Bank of Ghana (BoG) is set to inject up to $1 billion into the foreign exchange market in August 2026 through its Forex Intermediation Programme, as the Ghana cedi faces renewe
The report indicates that the Bank of Ghana (BoG) is set to inject up to $1 billion into the foreign exchange market in August 2026 through its Forex Intermediation Programme, as the Ghana cedi faces renewed pressure from increased dollar demand.
It further notes that information gathered by JOYBUSINESS indicates that the planned auctions will be conducted under the Bank of Ghana’s Foreign Exchange Operations Framework.
The central bank has informed market participants that the move forms part of measures to operationalise the FX Operations Framework and will support the objectives of its reserve accumulation programme.
The FX Intermediation Programme, according to the Bank of Ghana, is designed to help reduce excessive volatility in the foreign exchange market when necessary, particularly through activities linked to the Domestic Gold Purchase Programme.
JOYBUSINESS understands that the dollar auctions will be conducted every two weeks and will be open to licensed commercial banks.
The latest move comes as the Ghana cedi experiences fresh depreciation pressures, with demand for foreign exchange currently exceeding supply in parts of the market.
Data gathered by JOYBUSINESS from some commercial banks suggest that businesses have been demanding more dollars than the market has been able to provide.
Some market participants have attributed the pressure to increased foreign exchange needs from energy sector players financing crude oil imports, finished petroleum products and payments to power producers.
Others believe the challenge is linked to a limited supply of dollars relative to business demand.
Recent Bank of Ghana data indicate that the country’s international reserves have declined to a little over $12 billion.
However, the central bank has maintained that businesses should not panic, describing the recent pressure as temporary market movements.
Officials have insisted that the Bank remains capable of supporting the market when necessary and ensuring that critical imports are not affected.
The planned August auction follows the Bank of Ghana’s FX support programme in July 2026.
The central bank told commercial banks that the July operations were conducted in a “market neutral manner” on a spot basis through twice-weekly open auctions accessible to all licensed commercial banks.
