The Bank of Ghana (BoG) has allocated approximately $10 billion to the foreign exchange market since January 2025 in an effort to stabilize the cedi.
The total sum sold to commercial banks and enterprises to satisfy their dollar requirements has notably bolstered the currency’s stability.
The intervention extends from January through the initial week of December 2025 and constitutes a component of what officials characterize as “dollar intervention.”
Insiders associated with the Bank of Ghana have noted that this initiative is part of a comprehensive strategy aimed at addressing the market’s demand for dollars, rather than being exclusively focused on the defense of the cedi.
The financial resources allocated for the intervention have been sourced from the Bank of Ghana’s Domestic Gold Purchase Programme, which has yielded substantial profits due to the increase in gold prices. The proceeds have been allocated to bolster the market via dollar auctions.
The Central Bank has implemented the program while maintaining its reserves intact. Authorities assert that the support has been meticulously designed to safeguard Ghana’s debt responsibilities and initiatives for reserve accumulation.
The Board of Governors has allocated segments of the gold windfall towards the accumulation of reserves, forthcoming debt obligations, and providing support for the dollar in the market.
The most recent Economic and Financial Data released by the Central Bank indicates that Ghana’s international reserves recorded $9.1 billion in December 2024.
As of October 2025, reserves had notably increased to $11.4 billion, with compelling evidence suggesting that the year might conclude with figures exceeding $12 billion.
Certain market analysts indicates the intervention has not resulted in the depletion of reserves.
In the month of October, the Bank of Ghana allocated $1.15 billion through the FX Intermediation Programme. The dollar auction was executed on a market-neutral, spot basis.
Market analysts contend that these interventions significantly contributed to the cedi’s unprecedented appreciation in October 2025.
Data from the Bank of Ghana revealed that the cedi experienced an appreciation of 13.9% against the dollar by the conclusion of October.
