Bank of Ghana (BoG) says the reported $10 billion forex market support provided this year was used to facilitate critical payments, not solely to defend the cedi.

According to the Central Bank, the funds covered obligations to Independent Power Producers (IPPs), bondholders, dividend payments and other essential commitments.

JOYBUSINESS understands that a significant portion of the funds went into bond repayments.

Sources close to the Bank of Ghana told JOYBUSINESS the amounts auctioned were not primarily for defending the Ghana cedi but for supporting major payments across the economy over the past 11 months.

Background

The clarification comes at a time when public discussions have suggested that the Central Bank released about $10 billion between January and early December 2025, mainly to stabilise the cedi.

Some analysts, however, argue that while the funds may have been channelled into critical sectors, the resulting impact on demand and supply dynamics inevitably supported the local currency.

The intervention was boosted by windfalls from the Domestic Gold Purchase Programme, enabling the Bank of Ghana to meet debt obligations, build reserves and fund essential payments without jeopardising reserve accumulation.

The Central Bank’s latest Economic and Financial Data showed international reserves at $9.1 billion in December 2024. By October 2025, reserves had risen to $11.4 billion, with strong signals that the year could close above $12 billion.

BoG and Market Support

The Bank of Ghana says future market interventions will follow its new Foreign Exchange Operations Framework.

The framework, it notes, reinforces the commitment to macroeconomic stability under the inflation-targeting regime.

The Bank adds that the framework aligns with IMF recommendations by adopting a rule-based, market-driven system with competitive auctions and clearly defined motives.

The clarification follows concerns that recent interventions may conflict with the IMF programme.

The Central Bank insists the framework was developed with the IMF and assures there is no cause for alarm.