Bank of Ghana (BoG) injected $2.01 billion into the foreign exchange market in June 2026 to meet rising demand and support the stability of the cedi.

According to a report, the central bank sold $1.2 billion through its Forex Intermediation Programme, with auctions conducted twice a week throughout June in line with the bank’s monthly auction target.

However, commercial banks submitted bids totalling $3.42 billion, which reflects strong demand for foreign exchange as the appetite for US dollars remained exceptionally high during the month.

The June Forex Intermediation Programme was executed under the Domestic Gold Exchange Programme and also formed part of the central bank’s broader Foreign Exchange (FX) Operations Framework, which supports its reserve accumulation strategy.

Reports indicate that the aggressive market intervention helped the cedi post a 3.30% appreciation against the US dollar in June 2026, marking the local currency’s first monthly gain this year.

The appreciation has been widely attributed to the central bank’s increased intervention in the foreign exchange market.

Market analysts believe the cedi’s improved performance suggests that the sustained pressure on the local currency during the first quarter of the year may be easing as demand for US dollars begins to moderate.

Analysts have also stated that most businesses have already completed their major restocking for the year, while new Bank of Ghana measures aimed at moderating demand for US dollars are beginning to take effect.

They further expect lower global crude oil prices to reduce foreign exchange demand from players in the energy sector, providing additional support for the local currency.

The Bank of Ghana has assured commercial banks that it remains committed to transparency and will continue to disclose relevant information on its foreign exchange market operations, including activities under the Forex Intermediation Programme.

-DGN online