 has injected an estimated $10 billion into the foreign exchange market between January and the first week of December 2025, an intervention that has significantly contributed to the cedi’s impressive stability and appreciation this year.){kind=link}
The Bank of Ghana (BoG) has injected an estimated $10 billion into the foreign exchange market between January and the first week of December 2025, an intervention that has significantly contributed to the cedi’s impressive stability and appreciation this year.
The Central Bank says the FX support, channeled through dollar sales to commercial banks and businesses, forms part of a broader market-intermediation strategy aimed at meeting legitimate dollar demand, rather than a direct attempt to fix the exchange rate.
BOG officials say the interventions have been made possible by windfall revenues from the Domestic Gold Purchase Programme, which has benefited from soaring global gold prices.
Proceeds from the programme have been tactically allocated to three areas:
• Reserve accumulation
• Upcoming external debt repayments
• Dollar auctions to support market liquidity
The Central Bank insists the intervention has been executed without undermining Ghana’s reserve position or debt management efforts.
The BoG’s latest Economic and Financial Data shows that Ghana’s international reserves stood at $9.1 billion in December 2024. By October 2025, reserves had risen to $11.4 billion, with projections indicating that reserves could surpass $12 billion by the end of 2025.
In October alone, the Central Bank injected $1.15 billion under its FX Intermediation Programme, conducting all auctions on a spot, market-neutral basis.
BoG data shows the cedi had appreciated:
• 13.9% against the US dollar by end-October 2025
• 32.2% year-to-date, making it one of the best-performing African currencies in 2025