Bank of Ghana raises FX forward auction to $208m as cedi faces market pressure

The Bank of Ghana has sharply increased the amount of foreign exchange sold to commercial banks through its forward auction programme, providing a major injection into the interbank market.

Joy Business sources confirmed that earlier this week, the Central Bank offered US$100 million in a 7-day forward auction but later expanded the amount to US$208 million. The final auction results showed dollars sold between GH¢11.80 and GH¢12.15, with closing quotes settling around GH¢12.05 to GH¢12.15.

The move comes at a time when the Central Bank has not been “heavy” on forex market interventions in recent months. Some commercial banks have argued that the limited dollar supply contributed to pressure on the cedi and affected foreign exchange transactions.

However, the Bank of Ghana maintains that it has sufficient reserves to support the market but is intervening strategically due to Ghana’s ongoing IMF programme and the significant external debt repayments scheduled for next year.

Governor Dr. Johnson Asiama, in an interview with Joy Business, said the regulator had directed mining firms to channel their foreign exchange inflows through commercial banks rather than the Central Bank. He added that additional liquidity measures were being implemented to ease pressures in the interbank market.

Meanwhile, data sighted by Joy Business shows that in August 2025, the Central Bank sold about US$737 million through its spot and forward auction programmes — an 18% drop compared to July 2025. Market watchers say this confirms a gradual decline in dollar sales, even as the demand for foreign currency remains elevated.