The Financial institution of Ghana has elevated the quantity of {dollars} it sells to business banks by means of its overseas change intermediation program.
For the reason that starting of this yr, the central financial institution has bought a median of about US$110 million to banks by means of its bidding program.
The regulator additional clarified to sellers that “the Financial institution is observing a sustained enhance in FX (overseas change) demand and volatility within the overseas change market, as mirrored in current public sale bids, and subsequently intends to intervene with USD 350 million solely to cowl the remaining unfulfilled bids within the public sale.”
In a round to those sellers, the corporate mentioned it “will proceed to observe market developments, attempt to keep up transparency in our operations, and proceed to reveal all related info relating to overseas change market actions.”
For some market watchers, the Financial institution of Ghana’s actions might have been influenced by current strain on the Ghanaian Cedi.
Demand for {dollars} from the vitality, manufacturing, startups and mining sectors has surged over the previous three weeks.
This led to extreme market fluctuations by the overseas change authorities.
Based on knowledge from business banks, the Financial institution of Ghana bought roughly US$1.35 billion by means of its overseas change intermediation program in April 2026.
In April 2026, the Cedi depreciated by roughly 1.56% in opposition to the greenback.
From January up to now, the cedi has depreciated by about 5.80% in opposition to the greenback. That is based mostly on knowledge from business banks.
