Bank of Ghana injected $10bn into forex market since January 2025 – Reports

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Bank of Ghana

A report by JOYNEWS reveals the Bank of Ghana (BoG) has injected about $10 billion into the forex market since January 2025.

According to the report, the BoG’s moves were aimed at helping to stabilise the cedi.

The reports highlighted that the $10 billion was sold to commercial banks and businesses to meet their dollar needs, which significantly supported the stability of the currency.

The intervention spans January to the first week of December 2025 and forms part of what officials describe as “dollar intervention.”

Joy News is quoted as saying, “Sources close to Bank of Ghana tell Joy Business the move is part of a broader strategy to meet market demand for dollars, rather than a programme designed solely to defend the cedi”.

The funding for the intervention was drawn from the Bank of Ghana’s Domestic Gold Purchase Programme and was executed without depleting its reserves.

“The latest Economic and Financial Data from the Central Bank showed that Ghana’s international reserves stood at $9.1 billion in December 2024.

By October 2025, reserves had improved to $11.4 billion, with strong indications that the year could close above $12 billion”, the JOYNEWS report added.

It will be recalled in October, Dr Johnson Asiama, the Bank of Ghana Governor (BoG), revealed that in October 2025 that the central bank will begin foreign exchange (FX) intermediation under its Domestic Gold Purchase Programme.

According to the central bank, it plans to sell up to $1.15 billion to the market.

The Central Bank revealed the sales will be conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks.

The Governor of the BoG, Dr Johnson Asiama, highlighted that there will be no special conditions or earmarked allocations.

Speaking at a meeting with heads of commercial banks in Accra, the Governor of the BoG, Dr Johnson Asiama, stated, “Beginning October 2025, the Bank of Ghana will commence foreign exchange (FX) intermediation under the Domestic Gold Purchase Programme, with plans to sell up to US$1.15 billion for the month.

These sales will be conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks,” he said.

Meanwhile, President John Dramani Mahama has told managers of Ghana’s currency to continue whatever they are doing, as the cedi regains respect both locally and internationally.

According to John Mahama, Ghanaians are grateful to the Bank of Ghana and the Finance Ministry for their management of the cedi.

Mahama made this known at the Cedi@60 commemoration by the Bank of Ghana in Accra, themed “Sovereignty, Stability, and Economic Resilience”.

Speaking at the event, John Mahama stated, “I just want to say that the governor and all your team at the BoG, the Ministry of Finance, Ghanaians are grateful to you for the management of our currency”.

“I think that a lot of respect has returned to our currency. And it’s my hope that you will keep whatever you are doing to make sure that we don’t have excess liquidity, all those words you people have; open market operations, whatever, those your technical jargons are,” President Mahama noted.

He further urged the Bank of Ghana and the Ministry to continue their work in stabilising the cedi, “Whatever you are doing, continue doing so, so that the cedi is respected,” he said.

Mahama further detailed that the cedi is anchored on monetary policy, shaped expectations and absorbed domestic, regional, and global shocks.

He added, “Not nearly as a unit of account or a medium of exchange, but as a declaration of independence, our identity, and the capacity of our state,”

“The world is witnessing the emergence of a hybrid monetary ecosystem…Trust in institutions has become as crucial as technical capacity”

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