BoG to inject $1.15bn into forex market to stabilise cedi
The Bank of Ghana (BoG) will in October 2025 begin foreign exchange (FX) intermediation under its Domestic Gold Purchase Programme, with plans to sell up to US$1.15 billion to the market.
According to the central bank, the sales will be conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks.
Speaking at a meeting with heads of commercial banks in Accra, Governor of the BoG, Dr. Johnson Asiama stressed that there will be no special conditions or earmarked allocations, ensuring fair and transparent access for all market participants.
“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.
The initiative aims to deepen the interbank FX market, improve price discovery, and stabilize the cedi.
Monthly auction volumes may be adjusted based on market developments, but the BoG said its overarching goal remains to enhance transparency and reduce volatility in the forex market.
Beyond FX management, the central bank is urging commercial banks to expand support for small and medium enterprises (SMEs) and agribusinesses, which are critical to economic growth.
The BoG also encouraged banks to develop export-oriented financial products, use local insurance companies for import coverage to retain forex within the country, and consider public listings to strengthen capital and promote transparency.
The Domestic Gold Purchase Programme, launched to use locally mined gold to build reserves, is part of the BoG’s broader strategy to reduce reliance on foreign currency and support long-term exchange rate stability.
