BoG sells over $8bn through FX Programme as cedi faces fresh pressure

The Bank of Ghana (BoG) has sold more than $8 billion into the foreign exchange market since January 2026 to improve liquidity, meet demand, and support the stability of the cedi. Data compiled by Joy Business shows the central bank sold about US$7.45 billion through its FX Intermediation Programme between January and July 2026, and about US$811 million through its FX Intervention Programme between January and June. This takes the total market support to more than US$8.2 billion so far this year, and the figure could approach US$9.2 billion by the end of August if the Bank proceeds with plans to sell up to US$1 billion through its FX Intermediation Programme during the month.

The development comes as the cedi faces renewed pressure against the US dollar, with the Bank of Ghana putting the cedi's depreciation at 10.61% as of the end of July. The FX Intermediation Programme is designed to improve liquidity and help reduce excessive volatility in the foreign exchange market when necessary, and is particularly linked to activities under the Domestic Gold Purchase Programme. Some market participants have argued that the cedi could have come under even greater pressure without the Bank's interventions. Demand for dollars from businesses has remained strong, with some market participants attributing the pressure to increased foreign exchange needs from energy sector players financing crude oil imports, finished petroleum products, and payments to power producers. Others have linked the pressure to limited dollar supply relative to demand from businesses.