The Bank of Ghana (BoG) injected $2.01 billion into the foreign exchange market in June 2026, its largest monthly intervention this year, helping the cedi record its first monthly appreciation against the US dollar in 2026 amid sustained pressure on the local currency.
Data available show that the central bank sold $1.2 billion through its Forex Intermediation Programme, conducting auctions twice weekly throughout June. The amount met the Bank's monthly auction target, although commercial banks submitted bids worth $3.42 billion, underscoring the strong demand for foreign exchange.
Demand for dollars remained elevated throughout the month as businesses continued to meet import obligations and rebuild inventories.
The June auctions were undertaken under the Domestic Gold Exchange Programme, one of the Bank's key initiatives to improve foreign exchange liquidity and support exchange rate stability.
Beyond the auctions, the central bank injected an additional $811 million through its FX Intervention Programme, bringing total market support for the month to $2.01 billion. The intervention facility is activated to curb excessive exchange rate volatility and forms part of the Bank's broader foreign exchange operations and reserve management strategy.
Cedi rebounds
The aggressive intervention helped the cedi appreciate by 3.3 per cent against the US dollar in June, marking the currency's first monthly gain this year after months of sustained depreciation.
Despite the recovery, the cedi remains 7.9 per cent weaker against the dollar between January and early July 2026.
Analysts say the June performance suggests the pace of depreciation may be easing following increased central bank support and signs of moderating demand for foreign exchange.
The local currency had faced significant pressure during the first half of the year as importers stepped up demand for dollars to finance inventory purchases, while elevated global crude oil prices increased Ghana's import bill and foreign exchange requirements.
Lower intervention planned for July
The Bank of Ghana is expected to reduce its Forex Intermediation Programme auctions to $1 billion in July, down from the $1.2 billion sold in June.
Although the central bank has not explained the lower auction target, market analysts believe the decision reflects improving conditions in the foreign exchange market following June's interventions.
Data reviewed indicate that demand for dollars is beginning to soften as many businesses complete their major import cycles for the year. The impact of recent Bank of Ghana measures aimed at curbing speculative demand for foreign exchange is also expected to support market stability.
Analysts further anticipate that easing global crude oil prices could reduce foreign exchange demand from energy sector players, providing additional support for the cedi in the coming months.
The Bank of Ghana has assured commercial banks that it will continue to operate its foreign exchange interventions transparently and regularly disclose information relating to its Forex Intermediation Programme and broader foreign exchange market operations.
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