The Bank of Ghana (BoG) announced it will reduce its foreign‑exchange sales to the market to US$500 million in September 2026, a sharp decline from the US$1.5 billion and US$1 billion targets set for earlier months. According to JOYBUSINESS, the cut comes as more FX receipts from the artisanal and small‑scale mining sector are being redirected into the market, and GoldBod has become a significant source of dollar supply for commercial banks.
GoldBod’s Rising Role
In August, GoldBod generated US$1.32 billion in FX receipts under its new operating model. Half of that, US$668.21 million, was sold directly to commercial banks through spot sales and funded forward arrangements, while the remaining US$646.59 million was allocated to the BoG for reserve accumulation. For September, GoldBod aims to collect US$1.4 billion in FX receipts, with US$700 million earmarked for banks and another US$700 million for the Bank of Ghana under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).
BoG’s Market Strategy
From January to August 2026, the BoG is estimated to have injected about US$9.2 billion into the market through its FX support operations. The Central Bank has assured markets that it remains ready to intervene if necessary to maintain orderly conditions and preserve exchange‑rate flexibility. The FX Intermediation Programme, which includes activities linked to the Domestic Gold Purchase Programme, is designed to curb excessive volatility in the foreign‑exchange market.
August Performance
In August, the BoG had targeted US$1 billion in FX market support and ultimately sold US$911 million to the market via its FX Intermediation Programme. Sales were conducted in a market‑neutral manner on a spot basis through twice‑weekly auctions to all licensed commercial banks. The BoG also confirmed that there were no direct FX interventions in August 2026.
Currency Outlook
The cedi recorded a cumulative depreciation of 7.11% at the end of August. Average daily trading volume on the interbank market was about US$29 million, contributing to a total monthly interbank trading volume of US$628 million. The July Monetary Policy Report noted that the cedi had come under intense pressure in May 2026 but has since recovered. Over the medium term, the Bank expects the cedi to remain relatively stable, with FX intermediation and remittance flows helping to moderate pressure on the currency.
Source: MyJoyOnline
