The Bank of Ghana (BoG) has sold more than $8 billion into the foreign exchange market since January 2026 to improve liquidity, meet demand and support the stability of the cedi.

Data compiled by Joy Business from the Bank’s FX auction calendars and market communications show that the central bank sold about US$7.45 billion through its FX Intermediation Programme between January and July 2026.

The Bank also deployed about US$811 million through its FX Intervention Programme between January and June.

This takes the total market support to more than US$8.2 billion so far this year.

The figure could approach US$9.2 billion by the end of August if the Bank proceeds with plans to sell up to US$1 billion through its FX Intermediation Programme during the month.

The development comes as the cedi faces renewed pressure against the US dollar. The Bank of Ghana has put the cedi’s depreciation at 10.61% as of the end of July.

The FX Intermediation Programme is designed to improve liquidity and help reduce excessive volatility in the foreign exchange market when necessary.

It is particularly linked to activities under the Domestic Gold Purchase Programme.

Some market participants have argued that the cedi could have come under even greater pressure without the Bank’s interventions.

Data gathered by Joy Business from some commercial banks also indicate that demand for dollars from businesses has remained strong.

Some market participants have attributed the pressure to increased foreign exchange needs from energy sector players financing crude oil imports, finished petroleum products and payments to power producers.

Others have linked the pressure to limited dollar supply relative to demand from businesses.

Recent Bank of Ghana data indicate that Ghana’s international reserves have declined to a little over US$12 billion.

Despite the pressure, the central bank has maintained that businesses should not panic, describing the recent movements as temporary market pressures.

The Bank has also indicated that it remains capable of supporting the foreign exchange market when necessary and ensuring that critical imports are not disrupted.