BoG to sell up to $1bn in August as cedi faces fresh dollar demand pressure

The Bank of Ghana (BoG) is planning to sell up to $1 billion in foreign exchange through its Forex Intermediation Programme in August 2026 due to increased dollar demand and renewed pressure on the Ghana cedi. This move is part of the Bank's efforts to operationalise the FX Operations Framework and support the reserve accumulation programme.

The auctions, which will be conducted every two weeks, will be open to licensed commercial banks. The Ghana cedi has been facing depreciation pressures as demand for foreign exchange continues to surpass supply in certain parts of the market. This demand surge is attributed to businesses, particularly those in the energy sector, financing crude oil imports, finished petroleum products, and power producer payments.

Despite recent declines in the country's international reserves to just over $12 billion, the BoG remains committed to supporting the market and ensuring critical imports are not affected. The August auction follows a similar July 2026 programme, which aimed to provide stable support for the cedi through market-neutral spot auctions accessible to all licensed commercial banks.

The BoG has also emphasized its commitment to transparency and has maintained that there was no direct market intervention during the July 2026 operations.