The Bank of Ghana has stepped up its support to the foreign exchange market by increasing the amount of US dollars it sells to commercial banks through its Forex Intermediation Programme.

Since the start of 2026, the central bank has been supplying an average of about US$110 million to banks through its regular auction system. However, in response to rising pressure in the market, it has announced an additional intervention of US$350 million. This extra amount is intended specifically to meet outstanding demand that was not satisfied during recent auctions.

In a circular issued to market dealers, the central bank explained that it has observed a steady rise in demand for foreign currency, along with increased volatility in the forex market. These trends have been evident in recent auction bids, where demand has consistently outpaced supply.

The Bank of Ghana emphasized its commitment to maintaining transparency and stability. It noted that it will continue to monitor developments closely and provide relevant updates on its foreign exchange operations.

Market analysts believe the move may be linked to recent pressure on the Ghana cedi. Over the past few weeks, demand for US dollars has surged, particularly from key sectors such as energy, manufacturing, commerce, and mining. This spike in demand has led to noticeable fluctuations in exchange rates, especially at forex bureaus.

Data from commercial banks indicates that the central bank sold approximately US$1.35 billion through the programme in April 2026 alone. Despite these efforts, the cedi still weakened slightly during the month, depreciating by about 1.56% against the US dollar.

Overall, the central bank’s latest intervention is seen as an effort to stabilize the currency, ease pressure in the forex market, and ensure that businesses have access to the foreign exchange they need to operate smoothly.