BoG Ups FX Forward Auction to $208m Amid Cedi Pressures
The Bank of Ghana (BoG) has stepped up its intervention in the foreign exchange market, increasing the size of its latest forward auction to commercial banks.
The Central Bank, through a 7-day forward auction held earlier this week, sold US$208 million to banks — more than double its initial offer of US$100 million.
Official results showed that the auction cleared between GH¢11.80 and GH¢12.15 to the dollar, with closing quotes settling at GH¢12.05/12.15.
The latest injection comes at a time when the BoG has been less aggressive with its dollar sales in recent months, fuelling concerns among banks and market players.
Some banks have argued that the limited supply of dollars by the Central Bank has contributed to recent pressures on the cedi and constrained certain foreign exchange transactions.
The BoG, however, maintains that it has adequate reserves to support the market, but says its interventions must be strategic given Ghana’s ongoing IMF programme and looming external debt obligations in 2026.
Governor Dr Johnson Asiama in an earlier interview, noted that the Central Bank has introduced measures to ease liquidity challenges on the interbank market. These include a directive requiring mining firms to channel their foreign exchange inflows through commercial banks instead of the BoG.
He added that other interventions are also being rolled out to stabilise the market and reduce volatility.
Despite this week’s sizeable auction, available data shows that the Central Bank sold about US$737 million through its spot and forward auctions in August 2025 — an 18% decline compared to July.
Market analysts say the drop signals a deliberate scaling back of BoG’s dollar interventions, which could keep pressure on the cedi in the short term unless inflows improve.
