BoG slashes September FX support to $500m as GoldBod directly injects $700m into market

The Bank of Ghana (BoG) has lowered the amount of foreign exchange it plans to sell in September 2026. In the September FX Intermediation Programme, the central bank aims to sell $500 million, a significant decrease from the $1.5 billion and $1 billion goals set in previous months. Between January and August 2026, the BoG has injected around $9.2 billion into the market via its FX support operations.

The reduction in the amount of FX support is attributed to an increased redirection of foreign exchange receipts from the artisanal and small-scale mining sector into the market. GoldBod, a significant source of foreign exchange for commercial banks, contributed $1.32 billion in FX receipts in August, with $668.21 million directly sold to commercial banks and $646.59 million allocated to the BoG for reserve accumulation.

In September, GoldBod anticipates generating $1.4 billion in foreign exchange receipts, of which $700 million will be provided to commercial banks and another $700 million to the BoG for reserves. Additionally, the Bank of Ghana has committed to intervening in the market when necessary to maintain order and preserve exchange rate flexibility.

The FX Intermediation Programme aims to curb excessive volatility in the foreign exchange market, particularly through the Domestic Gold Purchase Programme. In August, the BoG had initially targeted $1 billion in FX market support, ultimately selling $911 million under the FX Intermediation Programme. The cedi's performance has seen a cumulative depreciation of 7.11% by the end of August, with a total monthly interbank trading volume of $628 million.

The Bank of Ghana expects the cedi to remain relatively stable in the medium term, with FX intermediation and remittance flows expected to moderate pressure on the currency.