The Bank of Ghana (BoG) has injected more than US$8 billion into the foreign exchange market since the beginning of 2026 to improve dollar liquidity and support the stability of the cedi.
The central bank sold about US$7.45 billion through its Foreign Exchange Intermediation Programme between January and July, while a further US$811 million was deployed through its Foreign Exchange Intervention Programme between January and June.
This brings the total amount of foreign exchange supplied to the market so far this year to more than US$8.2 billion.
The figure could rise to about US$9.2 billion by the end of August if the BoG proceeds with plans to sell up to US$1 billion through its Foreign Exchange Intermediation Programme during the month.
The interventions come amid renewed pressure on the cedi. The Bank of Ghana has reported a 10.61 per cent depreciation of the currency against the US dollar as of the end of July.
The Foreign Exchange Intermediation Programme is intended to improve market liquidity and limit excessive volatility when necessary, including through foreign exchange generated from the Domestic Gold Purchase Programme.
Strong demand for US dollars from businesses has contributed to the pressure on the foreign exchange market. Demand has been particularly linked to the energy sector, including financing for crude oil and petroleum product imports and payments to power producers.
Market participants have also pointed to limited dollar supply relative to demand from businesses as a source of pressure on the cedi.
Meanwhile, Ghana’s international reserves have declined to slightly above US$12 billion.
Despite the recent pressure, the Bank of Ghana has described the currency movements as temporary market pressures and assured businesses that it remains capable of intervening when necessary to support the foreign exchange market and ensure that critical imports are not disrupted.
