The Bank of Ghana (BoG) injected $2.01 billion into the foreign exchange market in June 2026 as part of efforts to meet rising demand for dollars and stabilise the cedi.
Information obtained by JoyBusiness indicates that the central bank sold $1.2 billion through its Forex Intermediation Programme, conducting foreign exchange auctions twice a week throughout June.
The amount met the Bank’s monthly auction target. However, commercial banks submitted bids worth $3.42 billion, highlighting the strong demand for foreign exchange during the period.
Sources told JoyBusiness that demand for US dollars remained exceptionally high throughout the month.
The June Forex Intermediation Programme was implemented under the Domestic Gold Exchange Programme. In addition, the Bank supplied $811 million through its FX Intervention Programme, which is aimed at reducing excessive exchange rate volatility when necessary.
The interventions formed part of the Bank’s broader Foreign Exchange Operations Framework, which also supports its strategy of building international reserves.
Cedi Records First Monthly Gain of the Year
The central bank’s increased intervention helped the cedi appreciate by 3.30 per cent against the US dollar in June 2026, marking the local currency’s first monthly gain this year.
Despite the improvement, the cedi has still depreciated by 7.9 per cent against the dollar between January and July 2026.
The June recovery, however, significantly slowed the pace of depreciation after months of sustained pressure on the local currency.
The cedi had come under strain as businesses increased demand for dollars to finance imports and replenish inventories, while higher global crude oil prices pushed Ghana’s import bill above earlier projections.
Lower Forex Auction Planned for July
The Bank of Ghana plans to reduce its Forex Intermediation Programme auctions to $1 billion in July 2026, down from the $1.2 billion offered in June.
Although the central bank has not explained the reduction, market analysts believe the cedi’s recent appreciation may have influenced the decision.
Data reviewed by JoyBusiness suggest that the sustained pressure on the local currency during the first quarter of the year is beginning to ease as demand for foreign exchange moderates.
Analysts say many businesses have completed their major inventory restocking for the year, while recent Bank of Ghana measures aimed at curbing dollar demand are beginning to produce results.
They also expect lower global crude oil prices to reduce foreign exchange demand from players in the energy sector, providing additional support for the cedi in the months ahead.
The Bank of Ghana has assured commercial banks that it will continue to maintain transparency by regularly disclosing information on its foreign exchange market operations, including activities under the Forex Intermediation Programme.
