The Headquarters of the Bank of Ghana
The Bank of Ghana (BoG) has announced plans to inject up to $1 billion into Ghana’s foreign exchange market in January 2026 under its Foreign Exchange Intermediation Programme, extending its active role in stabilising liquidity and supporting the cedi.
Market participants attributed the cedi’s significant appreciation in late 2025, including a 13.9 percent gain by end-October and strong year-to-date performance, to part to these interventions and related policy reforms.
Under the updated programme for January, the Central Bank will continue to sell foreign exchange on a spot basis to licensed commercial banks, with the total volume of up to $1 billion expected to be disbursed in regular auctions.
Bank of Ghana to sell US$1.15 billion in forex under Domestic Gold Programme
While specific scheduling details have not yet been released, the January plan continues with the BoG’s ongoing commitment to deepening the interbank FX market, improving price discovery, and smoothing volatility.
The move follows a series of interventions in late 2025, including the notable $1.15 billion injection in October and $1 billion in November 2025, which was carried out in a market-neutral manner through open spot auctions.
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