The Bank of Ghana (BoG) is set to inject up to $1 billion into the market in November under its revised Foreign Exchange Market Intermediation Programme.
The initiative will see the Central Bank auction about $300 million twice a week to licensed commercial banks on a spot basis.
This was disclosed in a notice to dealers and traders of participating commercial banks, sighted by JoyBusiness.
The Bank of Ghana stated that subsequent monthly volumes will depend on prevailing market conditions, adding that it remains committed to transparency in its operations. The Bank assured it will continue to publish all relevant information on its foreign exchange activities, including FX intermediation and intervention.
October Market Intervention
In October, the Bank of Ghana injected $1.15 billion into the market under the FX Intermediation Programme.
The dollar auction was conducted in what the Central Bank described as a market-neutral manner on a spot basis.
Market analysts believe these interventions played a major role in the cedi’s record appreciation in October 2025.
Data from the Bank of Ghana shows that the cedi appreciated by 13.9% against the dollar at the end of October 2025, and by 34.86% year-to-date.
Average daily trading volume on the interbank market stood at $22 million, contributing to a total monthly volume of $484 million.
Some commercial banks attributed the cedi’s rally to new forex and monetary policy measures that improved dollar supply and strengthened enforcement of foreign exchange regulations.
A key factor behind the stability, according to the Ghana Association of Banks, has been the Central Bank’s decision to revise its forex market interventions — moving from weekly auctions to spot sales for commercial banks. The Association said the policy has enhanced market efficiency.
Background
In October 2025, the Bank of Ghana began foreign exchange intermediation under the Domestic Gold Purchase Programme, with plans to sell up to $1.15 billion each month.
These sales are conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks.
During an engagement with banks, BoG Governor Dr Johnson Asiama explained that there would be no conditions or earmarking for allocations to ensure a level playing field and transparent market access.
“Monthly auction volumes may be adjusted depending on evolving market conditions, but our overarching objective remains clear: to deepen the interbank FX market, enhance price discovery, and smooth volatility,” he stated.
The reforms have introduced significant changes to how the Bank of Ghana intervenes in the forex market, with dollar sales now conducted in a market-neutral manner through twice-weekly open auctions accessible to all licensed banks.
Source: Joy Business
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