Bank of Ghana (BoG) has pumped about $10 billion onto the marketplace since January 2025 in foreign currencies improve to lend a hand stabilise the cedi.

This is the whole quantity the Central Bank has offered to industrial banks and companies to satisfy their greenback wishes, a transfer that has considerably supported the foreign money.

The intervention spans January to the primary week of December 2025 and bureaucracy a part of what officers describe as “dollar intervention.”

Sources with reference to the Bank of Ghana inform JOYBUSINESS the transfer is a part of a broader entrepreneurship to satisfy marketplace call for for bucks, reasonably than a programme designed only to shield the cedi.

Funding this improve

Funding for the intervention has been drawn from the Bank of Ghana (BoG)’s Domestic Gold Purchase Programme, which has generated providence beneficial properties from emerging gold costs. These proceeds had been used to improve the marketplace via greenback auctions.

The Central Bank has achieved the programme with out depleting its reserves. Officials say the improve has been structured to verify Ghana’s debt tasks and reserve build-up efforts aren’t affected.

BoG has channelled parts of the gold providence into reserve accumulation, upcoming debt repayments, and greenback improve for the marketplace.

Latest Economic and Financial Data from the Central Bank display Ghana’s global reserves at $9.1 billion in December 2024.

By October 2025, reserves had progressed to $11.4 billion, with robust indications that the 12 months may shut above $12 billion.

Some marketplace analysts inform Joy Business that this proves the intervention has now not led to order depletion.

In October by myself, the Bank of Ghana injected $1.15 billion underneath the FX Intermediation Programme. The greenback public sale was once carried out on a market-neutral, spot foundation.

Market watchers consider those interventions helped power the cedi’s file appreciation in October 2025.

Data from the Bank of Ghana display the cedi liked through 13.9% towards the greenback as of the tip of October 2025, and through 32.2% year-to-date.

In October, the Central Bank started FX intermediation underneath the Domestic Gold Purchase Programme, with plans to promote as much as $1.15 billion every month.

These gross sales happen on a place foundation via twice-weekly, price-competitive auctions open to all authorized banks.

Foreign Exchange Operations Framework

In November, the Bank of Ghana introduced that its board had authorized a brand new Foreign Exchange Operations (FX) Framework to explain the targets and ideas guiding its FX operations.

According to the regulator, the framework reinforces its dedication to macroeconomic balance underneath the inflation-targeting regime and a versatile, market-driven alternate fee gadget.

The framework is predicted to ship 3 core targets:

1. Support reserve accumulation to supply a buffer towards exterior vulnerabilities.
2. Reduce over the top non permanent volatility within the FX marketplace through addressing disorderly prerequisites with out undermining alternate fee flexibility.
3. Intermediate FX flows in a market-neutral means, the use of inflows from the Gold Purchase Programme or export give up necessities.

This way the Bank of Ghana will channel FX inflows into the marketplace in an orderly and clear means with out making an attempt to persuade the strategy of the alternate fee.

According to the Bank, long run FX interventions will practice a “structured discretion-under-constraint” gain.

This guarantees interventions don’t goal particular alternate fee ranges however cope with marketplace screw ups, such because the absence of hedging gear for primary dangers.

“Reserve accumulation and intermediation objectives will be achieved through transparent and well-communicated operations,” the Bank of Ghana stated in a contemporary commentary.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made through Readers and Contributors in this platform don’t essentially constitute the perspectives or coverage of Multimedia Group Limited.