The Bank of Ghana (BoG) is preparing to inject up to $1 billion into Ghana’s foreign exchange market in August 2026 through its Forex Intermediation Programme, as the Ghana cedi comes under renewed pressure due to rising demand for the US dollar.
According to information obtained by JoyBusiness, the planned foreign exchange auctions will be carried out under the Bank of Ghana’s Foreign Exchange Operations Framework, a policy aimed at improving liquidity and ensuring stability in the country’s forex market.
The central bank has notified financial market participants that the intervention is part of ongoing efforts to implement its FX Operations Framework while supporting the objectives of its foreign reserve accumulation programme.
BoG explained that the Forex Intermediation Programme is intended to curb excessive exchange rate volatility, particularly during periods of heightened market pressure. The initiative will also complement activities under the Domestic Gold Purchase Programme, helping to strengthen Ghana’s foreign exchange reserves and promote stability in the currency market.
The planned intervention underscores the Bank of Ghana’s commitment to maintaining a stable exchange rate, supporting investor confidence, and ensuring smooth operations within Ghana’s financial and foreign exchange markets.
Source: newsthemegh.com