{
  "id": 5265513,
  "title": "BoG slashes September FX support to $500m as GoldBod boosts dollar supply",
  "url": "https://urgent.news/2026/09/03/bog-slashes-september-fx-support-to-500m-as-goldbod-boosts-dollar-5265513",
  "topic": "world",
  "section": "World",
  "published": "2026-09-03T06:13:04.000Z",
  "source": {
    "name": "MyJoyOnline Ghana",
    "slug": "myjoyonline-ghana",
    "url": "https://www.myjoyonline.com/bog-slashes-september-fx-support-to-500m-as-goldbod-boosts-dollar-supply/"
  },
  "original_language": "en",
  "account": "The Bank of Ghana (BoG) has considerably decreased the quantity of foreign exchange it intends to sell in the Ghanaian market in September 2026. According to information gathered by JOYBUSINESS, the Central Bank plans to release US$500 million through its Forex Intermediation Programme this month, a significant decline from the US$1.5 billion and US$1 billion targets from previous months. From January to August 2026, the BoG is expected to have contributed approximately US$9.2 billion into the market via its FX support initiatives. The reduction stems from a revised plan where foreign exchange earnings from artisanal and small-scale mining are now flowing more directly into the market. GoldBod, a key contributor, has emerged as a substantial source of foreign exchange for commercial banks lately. In August, GoldBod earned US$1.32 billion in foreign exchange receipts under its new business model. Of this sum, US$668.21 million was directly sold to commercial banks via spot sales and committed forward contracts. The remaining US$646.59 million was designated for the BoG to bolster reserves. GoldBod forecasts US$1.4 billion in foreign exchange receipts for September as part of its strategy to maintain market stability and bolster Ghana's reserves. Of this forecast, US$700 million will be made available to commercial banks through spot sales and committed forward deals. An additional US$700 million will be allocated to the BoG for reserve stockpiling under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP). The BoG has, however, pledged its readiness to intervene if required to guarantee orderly market conditions while maintaining exchange rate adaptability. The Forex Intermediation Programme aims to mitigate excessive turbulence in the foreign exchange market, particularly through Domestic Gold Purchase Programme-related activities. September's market intervention was anticipated to be around US$1 billion, but the Bank of Ghana actually released US$911 million into the market under its FX Intermediation Programme. The sales were executed in a market-neutral manner on a spot basis, via twice-weekly auctions to all licensed commercial banks. The Central Bank also communicated to banks that there were no direct foreign exchange interventions in August 2026. The cedi's performance, as reported by the Bank of Ghana, saw a cumulative depreciation of 7.11% by the end of August. The interbank market saw an average daily trading volume of roughly US$29 million, totaling US$628 million in monthly interbank trading. The July Monetary Policy Report indicated that the cedi faced severe pressure in May 2026 but has since recovered. In the medium term, the BoG expects the cedi to remain relatively stable, with foreign exchange intermediation and remittance flows expected to help temper pressure on the currency.",
  "summary": "The Bank of Ghana (BoG) has significantly reduced the amount of foreign exchange it plans to sell to the market in September 2026.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Joy Business",
        "title": "BoG slashes September FX support to $500m as GoldBod boosts dollar supply",
        "url": "https://urgent.news/2026/09/03/bog-slashes-september-fx-support-to-500m-as-goldbod-boosts-dollar",
        "published": "2026-09-03T06:13:04.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}