The Bank of Ghana (BoG) injected $2.01 billion into the foreign exchange market in June 2026 to meet rising demand and support the stability of the cedi.
Information obtained by JoyBusiness indicates that the central bank sold $1.2 billion through its Forex Intermediation Programme, with auctions conducted twice a week throughout June.
The amount was in line with the Bank’s monthly auction target. However, commercial banks submitted bids totalling $3.42 billion, reflecting strong demand for foreign exchange.
Sources told JoyBusiness that demand for dollars remained exceptionally high during the month.
The June Forex Intermediation Programme was executed under the Domestic Gold Exchange Programme.
In addition, the Bank of Ghana supplied $811 million through its FX Intervention Programme, which is designed to dampen exchange rate volatility whenever necessary.
The interventions formed part of the Bank’s broader FX Operations Framework, which also supports its reserve accumulation strategy.
Impact on the Cedi
The aggressive market support helped the cedi post a 3.30% appreciation against the US dollar in June 2026.
It is the first monthly appreciation recorded by the local currency this year and is widely attributed to the central bank’s increased intervention in the forex market.
Despite the June rebound, the cedi has still depreciated by 7.9% against the dollar between January and July 2026.
The improved market support, however, appears to have significantly slowed the pace of depreciation after sustained pressure during the first half of the year.
The local currency came under pressure as businesses increased dollar demand to restock inventories, while higher global crude oil prices pushed Ghana’s import bill above earlier projections.
Lower Dollar Auction Planned for July
The Bank of Ghana plans to auction $1 billion through its Forex Intermediation Programme in July 2026.
It remains unclear why the Bank has reduced the auction target from the $1.2 billion sold in June.
However, market analysts believe the cedi’s improved performance may have influenced the decision.
Data reviewed by JoyBusiness suggest that the sustained pressure on the cedi during the first quarter of the year may be easing as demand for dollars begins to slow.
Most businesses have already completed their major restocking for the year, while new Bank of Ghana measures aimed at moderating dollar demand are also beginning to take effect.
Analysts also expect lower global crude oil prices to reduce foreign-exchange demand from energy sector players, providing additional support for the local currency.
The Bank of Ghana has assured commercial banks that it remains committed to transparency and will continue to disclose relevant information on its foreign exchange market operations, including activities under the FX Intermediation Programme.
