The Bank of Ghana (BoG) has significantly reduced the amount of foreign exchange it plans to sell to the market in September 2026.

Data collected from the market by JOYBUSINESS indicates that the Central Bank is targeting US$500 million in FX sales through its Forex Intermediation Programme this month.

This is a major reduction from the US$1.5 billion and US$1 billion targets announced for previous months.

From January to August 2026, the Bank of Ghana is estimated to have injected about US$9.2 billion into the market through its FX support operations.

Reasons

The reduction is linked to a revised arrangement under which foreign exchange receipts from the artisanal and small-scale mining sector are increasingly being redirected into the market.

JOYBUSINESS understands that GoldBod has also become a significant source of foreign exchange for commercial banks in recent months.

In August, GoldBod generated US$1.32 billion in FX receipts under its new operating model.

Of this amount, US$668.21 million was sold directly to commercial banks through spot sales and funded forward arrangements.

The remaining US$646.59 million was allocated to the Bank of Ghana for reserve accumulation.

GoldBod is targeting US$1.4 billion in foreign exchange receipts in September as part of efforts to support market stability and build Ghana’s reserves.

Of the projected amount, US$700 million will be made available to commercial banks through spot sales and funded forward arrangements.

Up to another US$700 million will be provided to the Bank of Ghana for reserve accumulation under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

The Bank of Ghana, however, has assured the market that it remains prepared to intervene when necessary to ensure orderly market conditions while preserving exchange rate flexibility.

The FX Intermediation Programme is designed to help reduce excessive volatility in the foreign exchange market, particularly through activities linked to the Domestic Gold Purchase Programme.

August Market Support

JOYBUSINESS understands that the Bank of Ghana had targeted US$1 billion in FX market support for August.

It eventually sold US$911 million to the market under its FX Intermediation Programme.

According to the Bank, the sales were conducted in a market-neutral manner on a spot basis, through twice-weekly auctions to all licensed commercial banks.

The Central Bank has also communicated to banks that there were no direct FX interventions in August 2026.

Cedi’s Performance

According to the Bank of Ghana, the cedi recorded a cumulative depreciation of 7.11% at the end of August.

During the month, average daily trading volume on the interbank market stood at about US$29 million.

This contributed to a total monthly interbank trading volume of US$628 million.

The July Monetary Policy Report indicated that the cedi came under intense pressure in May 2026 but has since recovered.

Over the medium term, the Bank expects the cedi to remain relatively stable, with FX intermediation and remittance flows expected to help moderate pressure on the currency.