Cedi Gains 3.3% After Bank of Ghana Injects $2.01bn into Foreign Exchange Market | The Bank of Ghana (BoG) injected $2.01 billion into the foreign exchange market in June 2026 to meet rising demand for dollars and support the stability of the cedi, according to information obtained by JoyBusiness.
The central bank sold $1.2 billion through its Forex Intermediation Programme, conducting auctions twice a week throughout the month. The amount matched the Bank’s monthly auction target, although commercial banks submitted bids worth $3.42 billion, highlighting the strong demand for foreign exchange.
The June Forex Intermediation Programme was implemented under the Domestic Gold Exchange Programme. In addition, the BoG injeiected $811 million through its FX Intervention Programme to help curb exchange rate volatility and support its broader foreign exchange operations framework.
The interventions contributed to a 3.30% appreciation of the cedi against the US dollar in June 2026, marking the local currency’s first monthly gain this year. Despite the recovery, the cedi has still depreciated by 7.9% against the dollar between January and July 2026.
The cedi had faced sustained pressure in the first half of the year as businesses increased demand for dollars to finance inventory restocking, while rising global crude oil prices pushed Ghana’s import bill above earlier projections.
Looking ahead, the Bank of Ghana plans to auction $1 billion through its Forex Intermediation Programme in July, lower than the $1.2 billion sold in June. Although the central bank has not explained the reduction, market analysts believe the cedi’s improved performance and easing demand for foreign exchange influenced the decision.
Analysts also expect lower global crude oil prices and the impact of new Bank of Ghana measures to moderate dollar demand to provide additional support for the local currency.
The Bank of Ghana has assured commercial banks that it remains committed to transparency and will continue to disclose relevant information on its foreign exchange market operations, including activities under the FX Intermediation Programme.
Cedi Gains 3.3% After Bank of Ghana Injects $2.01bn into Foreign Exchange Market | AviationGhana
