The Bank of Ghana (BoG) has sharply reduced its planned foreign exchange (FX) sales to the market for September 2026, signalling a major shift in its forex market intervention strategy.
Market data gathered by JOYBUSINESS indicates that the Bank of Ghana is targeting US$500 million in foreign exchange sales through its Forex Intermediation Programme during September. The latest target represents a significant decline from the US$1.5 billion and US$1 billion FX sales targets announced for the preceding months.
Between January and August 2026, the Bank of Ghana is estimated to have injected approximately US$9.2 billion into the foreign exchange market as part of efforts to support the Ghana cedi, improve foreign currency liquidity and maintain stability in the forex market.
The reduction in the September FX sales target is reportedly linked to a revised foreign exchange arrangement involving the artisanal and small-scale mining sector. Under the new system, a growing portion of foreign exchange receipts generated from small-scale mining activities is being redirected directly into the domestic market.
The development could reduce the level of direct intervention required by the Bank of Ghana, as increased foreign currency inflows from the mining sector are expected to improve FX liquidity and supply.
The latest move will be closely monitored by businesses, investors, importers and other market participants, particularly as developments in foreign exchange supply, the Ghana cedi exchange rate, gold exports and Bank of Ghana monetary policy continue to influence the country’s economic outlook.
Source: newsthemegh.com