The Bank of Ghana (BoG) has sold one of its highest amounts of dollars for the market through a single 7-day FX forward auction.
Market data seen by JOYBUSINESS showed that the Bank of Ghana last week, through its FX Forward Auction, offered US$ 300 million.
However, the commercial banks just accepted US$ 243 million, with a price range of between GHc 12.15 and GHc12.40.
Market Response
Some commercial banks told JOYBUSINESS they expect the cedi to trade steadily against the dollar in the coming days, buoyed by the central bank’s intervention.
However, despite a pick-up in interbank activities since August 2025, only about US$4 million was reported to have changed hands among participants last Wednesday.
The intervention comes shortly after President John Mahama announced at a recent media engagement that the BoG had withdrawn routine interventions in the forex market, stressing the need to strike a balance between supporting exporters and not overburdening importers.
At the most recent Monetary Policy Committee press briefing, in mid September, Governor Dr Johnson Asiama assured that commercial banks have been adequately supplied with dollars to meet market demand.
Checks by JOYBUSINESS also show that the cedi’s rate of depreciation has slowed in recent weeks, though it remains unclear whether BoG’s latest intervention is the main driver.
BoG on declining FX forward auction
The Bank of Ghana had started reducing the volume of dollars sold through its FX Forward Auction programme after the second quarter of 2025.
Market data revealed that in August 2025, BoG sold US$737 million through spot and forward auctions representing an 18% drop from the US$900 million-plus sold in July.
Market analysts say this trend highlights BoG’s deliberate scaling back of its interventions.
Cedi Pressure to Ease Soon
The Bank of Ghana has expressed optimism that current pressures on the cedi will normalise soon, backed by new monetary measures aimed at boosting forex inflows for commercial banks.
Director of Research Dr Philip Abradu-Otoo disclosed on PM EXPRESS BUSINESS EDITION that the Central Bank’s directive requiring mining firms to channel their dollar inflows through local banks has already eased liquidity challenges.
“We have also seen remittances pick up after recent regulatory intervention, and all of these should go a long way to improve supplies on the market,” Dr Abradu-Otoo stated.
He added that cocoa inflows and expected donor disbursements in the coming months will further strengthen forex supply.
“All these inflows should go a long way to improve the supply situation when it comes to the forex market,” he stressed.
