The Bank of Ghana (BoG) has injected about $10 billion into the foreign exchange marketplace since January 2025 to assist stabilise the cedi.

This is the entire quantity it has bought to business banks and companies to satisfy their buck wishes, a transfer that has considerably supported the stableness of the foreign money.

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

Sources with reference to Bank of Ghana inform Joy Business the transfer is a part of a broader expansion to satisfy marketplace call for for bucks, slightly than a programme designed only to protect the cedi.

Funding this fortify

The enterprise development for the intervention has been drawn from the Bank of Ghana’s Domestic Gold Purchase Programme, which has generated providence positive factors from emerging gold costs. These proceeds were used to fortify the marketplace thru buck auctions.

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

The BoG has channelled parts of the gold providence into reserve accumulation, upcoming debt repayments, and buck fortify for the marketplace.

The newest Economic and Financial Data from the Central Bank confirmed that Ghana’s worldwide reserves stood at $9.1 billion in December 2024.

By October 2025, reserves had advanced to $11.4 billion, with sturdy 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 below the FX Intermediation Programme. The buck public sale was once performed on a market-neutral, spot foundation.

Market watchers consider those interventions helped drove the cedi’s report appreciation in October 2025.

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

Foreign Exchange Operations Framework

In November, the Bank of Ghana introduced that its Board had licensed a brand new Foreign Exchange Operations (FX) Framework to explain the goals and ideas guiding its foreign currency echange operations.

According to the regulator, the framework reinforces its dedication to macroeconomic balance below the inflation-targeting regime and a versatile, market-driven trade price machine.

The framework is predicted to ship 3 core goals:

1. Support reserve accumulation to offer a buffer towards exterior vulnerabilities.
2. Reduce over the top temporary volatility within the FX marketplace by means of addressing disorderly stipulations with out undermining trade price flexibility.
3. Intermediate FX flows in a market-neutral way, the use of inflows from the Gold Purchase Programme or export give up necessities.

This approach the Bank of Ghana will channel foreign exchange inflows into the marketplace in an orderly and clear way with out making an attempt to steer the success of the trade price.

According to the Bank, long run foreign currency echange interventions will apply a “structured discretion-under-constraint” business owner.

This guarantees interventions don’t goal particular trade price ranges however deal with marketplace disasters, 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 observation.

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