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BoG sells over $8bn through FX Programme as cedi faces fresh pressure
August 12, 2026
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BoG sells over $8bn through FX Programme as cedi faces fresh pressure

Money
Policy
Growth

Key Points

  • The Bank of Ghana (BoG) has sold over $8 billion into the foreign exchange market since January 2026 to enhance liquidity and support the cedi.
  • This includes $7.45 billion through its FX Intermediation Programme and $811 million via its FX Intervention Programme.
  • The cedi has depreciated by 10.61% by the end of July, facing renewed pressure despite the central bank's efforts.
  • Market pressure is attributed to strong business demand, particularly from the energy sector for imports, and a limited dollar supply.
  • Ghana's international reserves have declined to just over $12 billion, though the BoG maintains the pressures are temporary and it can continue market support.

Why This Matters

The Bank of Ghana's interventions are critical for maintaining economic stability, controlling inflation, and ensuring the availability of essential imports for Ghana. Continued cedi depreciation directly impacts businesses' operational costs and consumers' purchasing power, potentially hindering economic planning and investment. The sustainability of these interventions and the health of the nation's reserves are key indicators for the country's financial outlook.

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