BoG sells over $8bn through FX Programme as cedi faces fresh pressure

The Bank of Ghana (BoG) has sold more than $8 billion worth of foreign currency in the foreign exchange market since January 2026, according to data from the central bank and market communications. This massive sale aimed to bolster liquidity, meet demand, and maintain the stability of the cedi, Ghana's official currency.

The Bank conducted two separate programs during this period. The FX Intermediation Programme sold approximately $7.45 billion, while the FX Intervention Programme facilitated sales of around $811 million. Collectively, these efforts have resulted in over $8.2 billion in market support this year, with the potential to reach $9.2 billion by the end of August if the BoG proceeds with plans to sell an additional $1 billion.

The cedi, Ghana's official currency, has been facing renewed pressure against the US dollar. As of July 2026, the Bank of Ghana reported that the cedi had depreciated by 10.61% against the US dollar. This depreciation raises concerns about the cedi's stability and the challenges it may pose for the country's economy.

However, the BoG remains committed to supporting the foreign exchange market and ensuring that critical imports are not disrupted. Despite the pressure, the central bank has maintained that recent movements in the foreign exchange market are temporary and have not caused panic among businesses.