The Bank of Ghana (BoG) has sharply reduced the amount of foreign exchange it plans to supply to the market in September 2026.

Market data indicate that the Central Bank is targeting US$500 million in foreign exchange sales this month through its Forex Intermediation Programme.

This marks a significant reduction from the US$1.5 billion and US$1 billion targets announced for previous months.

Between January and August 2026, the Bank of Ghana is estimated to have injected approximately US$9.2 billion into the foreign exchange market through its support operations.

Reasons for the reduction

The reduction follows a revised arrangement that allows more foreign exchange earnings from the artisanal and small-scale mining sector to flow directly into the market.

GoldBod has become a major source of foreign exchange for commercial banks in recent months.

Under its new operating model, GoldBod generated US$1.32 billion in foreign exchange receipts in August. Of this amount, US$668.21 million was sold directly to commercial banks through spot transactions and funded forward arrangements.

The remaining US$646.59 million was allocated to the Bank of Ghana to support the accumulation of foreign reserves.

GoldBod is targeting US$1.4 billion in foreign exchange receipts for September as part of efforts to stabilise the market and strengthen Ghana’s reserves.

Of the projected amount, US$700 million will be supplied to commercial banks through spot sales and funded forward arrangements. Up to another US$700 million will be provided to the Bank of Ghana for reserve accumulation under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

Despite reducing its planned foreign exchange sales, the Bank of Ghana has assured market participants that it remains ready to intervene when necessary. The Bank says its objective is to maintain orderly market conditions while preserving exchange rate flexibility.

The FX Intermediation Programme is intended to reduce excessive volatility in the foreign exchange market, particularly through operations linked to the Domestic Gold Purchase Programme.

August market support

The Bank of Ghana initially targeted US$1 billion in foreign exchange support for August but eventually sold US$911 million through its FX Intermediation Programme.

According to the Bank, the sales were conducted on a market-neutral, spot basis through auctions held twice a week for all licensed commercial banks.

The Central Bank also informed commercial banks that it did not undertake any direct foreign exchange interventions in August 2026.

Cedi’s performance

According to the Bank of Ghana, the cedi recorded a cumulative depreciation of 7.11% by the end of August.

Average daily trading volume on the interbank foreign exchange market stood at approximately US$29 million during the month, bringing the total monthly trading volume to US$628 million.

The Bank’s July Monetary Policy Report noted that the cedi came under intense pressure in May 2026 but has since recovered.

Over the medium term, the Bank expects the currency to remain relatively stable, supported by foreign exchange intermediation and remittance inflows.