Central Bank’s $2.01 Billion Forex Intervention Helps Cedi Record First Monthly Appreciation of 2026
By Boakye Stephen, Kumasi, Ghana | Reporting for Ghanaian News, Canada | July 6,2026
The Bank of Ghana (BoG) injected $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.
Information obtained by JoyBusiness indicates that $1.2 billionwas supplied through the Bank’s Forex Intermediation Programme, with auctions conducted twice weekly throughout the month. Although the central bank met its planned monthly auction target, commercial banks submitted bids amounting to $3.42 billion, reflecting stronger demand for foreign exchange than the amount offered.
The intervention formed part of the Domestic Gold Exchange Programme, while an additional $811 million was released through the Bank’s FX Intervention Programme to reduce exchange rate volatility whenever necessary.
These measures contributed to the cedi appreciating by 3.30 per cent against the US dollar in June, marking the local currency’s first monthly gain in 2026.
Despite the improvement, the cedi has still depreciated by 7.9 per cent against the dollar between January and July 2026. Analysts attribute the earlier weakness to increased demand for dollars by businesses importing goods and higher global crude oil prices, which raised Ghana’s import bill.
The Bank of Ghana is expected to reduce its July Forex Intermediation Programme auction target to $1 billion. Although the reason for the adjustment has not been officially explained, market observers believe the cedi’s recent improvement and easing demand for foreign currency may have influenced the decision.
Officials have also assured commercial banks that the central bank will continue to provide regular updates on its foreign exchange operations as part of its commitment to transparency.
Commentary
The Bank of Ghana’s interventions highlight the crucial role monetary authorities continue to play in maintaining exchange rate stability. Economists believe sustaining confidence in the foreign exchange market, alongside prudent fiscal management, will be essential to protecting the cedi and supporting Ghana’s broader economic recovery.
