- BoG ups FX auction from initial US$100m to US$208m
- Auction exchange rate ranged from GH¢11.80 to GH¢12.15
- Banks blame FX shortage for transaction delays and cedi depreciation
The Bank of Ghana (BoG) has ramped up its foreign exchange (FX) forward auction allocations to commercial banks.
According to information obtained by Joy Business, the Central Bank conducted a 7-day forward FX auction earlier this week, during which it sold a total of US$208 million to commercial banks.
Initially, the BoG had offered US$100 million, but later increased the allocation to US$208 million in response to market demand.
Official auction results showed that the dollars were sold at exchange rates ranging between GH¢11.80 and GH¢12.15. By the end of the session, bid quotes had settled between GH¢12.05 and GH¢12.15.
This injection of FX comes at a time when the BoG has been relatively restrained in its dollar sales to the market.
Commercial Banks React
Some commercial banks have argued that the recent pressure on the Ghana cedi may partly stem from the Central Bank’s limited dollar supply. Others suggest the scarcity has affected certain foreign exchange transactions.
In response, the BoG has maintained that it has sufficient FX reserves to support the market but emphasized that its interventions must be strategic. This cautious approach aligns with Ghana’s ongoing programme with the International Monetary Fund (IMF) and anticipated significant foreign debt repayments in 2026.
Speaking to Joy Business, BoG Governor Dr. Johnson Asiama highlighted several measures being implemented to ease liquidity pressures. One such step includes directing mining companies to channel their foreign currency inflows to commercial banks instead of the BoG.
He also mentioned additional strategies being rolled out by the Central Bank to improve interbank FX liquidity.
Auction Volumes Decline in August
Despite the recent injection, data shows the BoG sold around US$737 million through spot and 7-day forward auctions in August 2025, marking a decline of over 18% compared to July 2025.
Some analysts interpret this trend as evidence that the Central Bank has been gradually scaling back its FX market interventions over the past month.
