The Bank of Ghana has increased the amount of dollars that it sells to commercial banks through its Forex Intermediation Programme.

Since the beginning of this year, the Central Bank has been selling about US$110 million on average to the banks through its auction programme.

The regulator disclosed to the dealers that additionally the “Bank has observed a persistent build-up in FX [forex] demand and volatility in the FX market, as reflected in recent auction bids and will therefore intervene with US$350 million solely to cover residual unmet bids from the auction”.

In a circular to these dealers, it noted that “it will continue to monitor market developments and remains committed to transparency in its operations and will continue to disclose all relevant information regarding its foreign exchange market activities”.

For some market watchers, the action by the Bank of Ghana might have been influenced by the recent pressure on the Ghana cedi.

The demand for dollars has surged over the past three weeks, coming from the energy, manufacturing, commence and the mining sectors.

This has resulted in some sharp movements of the quotation by the forex bureaus.

Data from the commercial banks showed that the Bank of Ghana in April 2026 sold about US$1.35 billion through its forex intermediation programmre.

For April 2026, the cedi depreciated against the dollar by about 1.56%.

From January to date, the cedi has depreciated by about 5.80% against the dollar. This is based on data from the commercial banks.