BOG scales back December FX auctions to $800m under revised Domestic Gold Purchase intermediation plan

The Bank of Ghana (BoG) is trimming its December 2025 foreign exchange auction volumes, reducing planned market sales to $800 million under the revised Domestic Gold Purchase, linked FX Intermediation Programme.

$100 million was auctioned on December 2, followed by another $100 million on December 4.

A wire notice to licensed banks shows the Central Bank’s December volume is slightly lower than the levels seen in September, October and November.

According to BoG, the adjustment is driven by reduced FX demand during the festive season, when market activity typically slows and FX requirements ease.

The Bank added that monthly auction volumes will continue to reflect prevailing market conditions.

BoG stressed that the auctions are guided by its newly approved FX Operations Framework, which prioritises reserve accumulation.

All sales are being conducted in a market-neutral manner, on a spot basis, through twice-weekly competitive auctions open to licensed banks.

Recent auction history

The revised FX Intermediation Programme began in September, during which $1.1 billion was auctioned.

This climbed to $1.3 billion in October. In November, the Bank set a target of $1 billion and sold exactly that amount. The December target now stands at $800 million.

Market analysts say these interventions have been a major factor behind the cedi’s strong performance in 2025.

Cedi performance and market activity

BoG data show the cedi has appreciated 31% against the dollar year-to-date, slightly below the 34.86% recorded in October. As of December 10, 2025, the currency is trading at GH¢11.42 to the dollar.

November’s interbank FX market saw an average daily trading volume of $5.5 million, contributing to a total of $111.11 million for the month.

Revised FX Operations Framework

In November, the Bank announced board approval of a new FX Operations Framework intended to formalise the goals and principles guiding FX management under the inflation-targeting regime and a flexible, market-driven exchange rate system.

The framework centres on three objectives:
• Build reserves to strengthen resilience against external shocks.
• Limit excessive short-term volatility by addressing disorderly market conditions without targeting exchange-rate levels.
• Intermediate FX flows in a neutral, transparent manner by channelling inflows from the Gold Purchase Programme and export surrender requirements.

BoG says interventions will follow a “structured discretion-under-constraint” approach, focusing on correcting market failures, including the absence of hedging tools, while maintaining exchange-rate flexibility.

The central bank emphasised that both reserve-building and FX intermediation will rely on transparent, well-communicated operations.