BoG Injects $2bn Into Forex Market as Cedi Records First Gain of 2026

Central Bank Bolsters Currency Support

The Bank of Ghana injected $2.01 billion into the foreign exchange market during June 2026 to meet soaring demand and stabilise the cedi. The central bank sold $1.2 billion through its Forex Intermediation Programme via twice-weekly auctions, whilst supplying a further $811 million through its FX Intervention Programme to manage exchange rate volatility. Commercial banks submitted bids totalling $3.42 billion, indicating exceptionally strong appetite for dollars across the economy.

Cedi Posts Historic Monthly Rebound

The aggressive intervention delivered tangible results, with the cedi appreciating 3.30% against the US dollar in June—its first monthly gain in 2026. Despite this breakthrough, the local currency remains down 7.9% year-to-date through July, reflecting sustained pressure from earlier months. Analysts attribute the rebound to increased central bank support, which appears to have significantly slowed depreciation after relentless weakness during the first half of the year.

Demand Pressures Easing

The cedi had faced headwinds as businesses restocked inventories and higher global crude oil prices inflated Ghana's import bill. However, market analysts believe demand for dollars is beginning to ease as most companies complete annual restocking cycles. New Bank of Ghana measures targeting dollar demand moderation are also taking effect, whilst expectations of lower oil prices should reduce forex pressure from the energy sector.

The central bank plans to reduce July forex auctions to $1 billion, signalling confidence in the currency's improved trajectory. BoG reaffirmed its commitment to transparency in forex operations and ongoing market communication.