The Bank of Ghana (BoG) is set to sell up to US$1.15 billion to the foreign exchange (FX) market starting in October 2025.
This decision is part of the central bank’s ongoing effort to strengthen the local currency amid fluctuating forex rates.
Governor Dr. Johnson Asiama announced this intervention in a meeting with commercial bank heads in Accra, emphasizing that these sales would be conducted under the Domestic Gold Purchase Programme. The central bank plans to hold twice-weekly, price-competitive auctions open to all licensed banks.
“This initiative will begin in October 2025, with the aim of stabilizing the cedi by providing a consistent and transparent influx of US dollars into the market,” said Dr. Asiama. “There will be no preferential treatment or allocations. Our approach is based on fairness, ensuring that every licensed bank has equal access to the forex being sold.”
The BoG’s decision to sell up to US$1.15 billion on a spot basis is expected to ease pressure on the cedi, which has been under strain due to various macroeconomic factors. By providing more foreign currency to the market, the central bank hopes to reduce volatility and support a stable exchange rate.
Industry experts believe that the move could be a game-changer, offering a solution to the ongoing challenges posed by currency fluctuations. The regular, transparent auctions are also expected to foster greater competition, allowing the market to set rates more efficiently.
The BoG has also assured the public that these measures will be part of a broader effort to manage Ghana’s foreign exchange reserves and support sustainable economic growth. The central bank’s ongoing gold purchase programme is expected to further enhance the resilience of the Ghanaian economy in the long term.
