The Bank of Ghana (BoG) has sold US$243 million in its latest 7-day FX forward auction, marking the highest single intervention in the foreign exchange market since the start of 2025.
Market data reviewed by Joy Business indicated that the Central Bank initially offered US$300 million, but commercial banks took up US$243 million at a price range of GH¢12.15–GH¢12.40.
Market Reaction
Some commercial banks expect the cedi to stabilise in the coming days following the BoG’s move. Despite the intervention, interbank activity remains modest, with only about US$4 million changing hands on Wednesday.
The injection follows President John Mahama’s recent statement that the Central Bank was scaling back routine interventions to strike a balance between supporting exporters and reducing the burden on importers.
At the latest Monetary Policy Committee briefing, Governor Dr Johnson Asiama assured that banks had been sufficiently supplied with dollars to meet client demand.
Trend of Declining Interventions
BoG has been deliberately cutting back its FX forward sales in recent months. In August 2025, the Central Bank sold US$737 million through spot and forward auctions, down 18% from the more than US$900 million recorded in July.
Market watchers say the latest US$243 million sale, while significant, reflects BoG’s tactical interventions aimed at cushioning the market without overextending dollar supply.
Outlook for the Cedi
Dr Philip Abradu-Otoo, BoG’s Director of Research, told PM Express Business Edition that the cedi’s current pressure is expected to ease soon. He cited new regulatory measures, including a directive requiring mining companies to repatriate dollar inflows through local banks, as already improving liquidity.
He added that rising remittance inflows, upcoming cocoa export proceeds, and expected donor disbursements will further boost forex supply.
“All these inflows should go a long way to improve the supply situation when it comes to the forex market,” Dr Abradu-Otoo stressed.
Source – My News Ghana
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