The Bank of Ghana (BoG) has made one of its largest dollar interventions in recent months, offering US$300 million through a seven-day forward auction to help stabilise the cedi.

According to market data, commercial banks took up US$243 million of the offer at a rate between GH¢12.15 and GH¢12.40 per dollar.

According to myjoyonline.com, some banks said they expect the cedi to remain steady in the coming days, supported by the Central Bank’s move.

Interbank activity, however, remains muted, with just US$4 million exchanged among participants on September 24, 2025.

Interbank Market: Cedi trades at GH¢12.35 to $1

The intervention follows President John Dramani Mahama’s recent remarks that the BoG had pulled back from routine interventions to balance the needs of exporters and importers.

At the last Monetary Policy Committee briefing, Governor Dr Johnson Asiama also assured that commercial banks had sufficient dollar supply to meet market demand.

In August 2025, the Bank sold US$737 million via spot and forward auctions, representing an 18% decrease from the US$900 million plus sold in July.

Analysts said this reflects a deliberate policy to reduce dependence on Central Bank support.

Despite recent depreciation pressures, the cedi’s slide has slowed in recent weeks.

The BoG is optimistic that additional inflows will help stabilise the currency.

The Director of Research at the BoG, Dr Philip Abradu-Otoo, said regulatory measures are already easing liquidity challenges.

Mining firms are now required to channel their foreign exchange earnings through local banks, while remittance inflows have picked up.

He added that cocoa inflows and donor disbursements expected later this year should provide further support.

“All these inflows should go a long way to improve the supply situation when it comes to the forex market,” Dr Abradu-Otoo noted.

SSD/SA

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