The Bank of Ghana (BoG) injected a total of US$2.01 billion into the foreign exchange market in June 2026 as part of efforts to meet growing demand for foreign currency and stabilise the cedi, which recorded its first monthly gain against the US dollar this year.
Data available show that the central bank sold US$1.2 billion through its Forex Intermediation Programme (FIP), conducting auctions twice weekly throughout June. The amount matched the Bank’s monthly auction target, although commercial banks submitted bids worth US$3.42 billion, underscoring the strong appetite for foreign exchange during the period.
Sources indicated that demand for US dollars remained elevated throughout June, driven largely by corporate and import-related needs. The Forex Intermediation Programme was implemented under the Domestic Gold Exchange Programme.
Beyond the scheduled auctions, the central bank also injected an additional*US$811 million through its Foreign Exchange Intervention Programme, which is designed to contain excessive exchange rate volatility whenever market conditions require. The intervention forms part of the BoG’s broader foreign exchange operations framework, which seeks to balance market stability with reserve accumulation.
The sizeable liquidity support helped the cedi strengthen by 3.3 percent against the US dollar in June, marking the currency’s first monthly appreciation in 2026. Market participants largely attribute the rebound to the central bank’s intensified intervention in the forex market.
Despite the improvement, the cedi has still lost 7.9 percent of its value against the dollar between January and July 2026. However, analysts say the latest appreciation suggests that the pace of depreciation has slowed considerably after months of sustained pressure.
The local currency had faced persistent headwinds during the first half of the year as businesses increased demand for dollars to finance inventory restocking, while elevated global crude oil prices pushed Ghana’s import bill above earlier expectations.
BoG scales back July forex auctions
For July 2026, the Bank of Ghana plans to auction US$1 billion through its Forex Intermediation Programme, representing a reduction from the US$1.2 billion offered in June.
Although the central bank has not officially explained the lower auction target, market analysts believe the cedi’s improved performance and signs of easing pressure in the foreign exchange market may have influenced the decision.
They note that much of the heavy dollar demand recorded earlier in the year has begun to subside as many businesses have completed their major inventory purchases. In addition, recent Bank of Ghana measures aimed at reducing demand for foreign currency are gradually taking effect.
Analysts also expect softer global crude oil prices to reduce foreign exchange requirements by players in the energy sector, which could provide further support for the cedi in the months ahead.
Meanwhile, the Bank of Ghana has reaffirmed its commitment to transparency, assuring commercial banks that it will continue to publish relevant information on its foreign exchange operations, including activities carried out under the Forex Intermediation Programme.
Source: businesspostonline
