The Bank of Ghana has increased the amount of US dollars it sells to commercial banks through its Forex Intermediation Programme.
Since the start of the year, the central bank has been supplying banks with an average of about US$110 million through its auction programme.
However, it has now decided to raise this support.
In a communication to dealers, the regulator explained that the move is in response to rising demand and instability in the foreign exchange market.
It said the “Bank has observed a persistent build-up in FX [forex] demand and volatility in the FX market, as reflected in recent auction bids and will therefore intervene with US$350 million solely to cover residual unmet bids from the auction”.
In a circular, the Bank also assured dealers that “it will continue to monitor market developments and remains committed to transparency in its operations and will continue to disclose all relevant information regarding its foreign exchange market activities”.
Some market observers believe the decision may be linked to recent pressure on the Ghana cedi.
Demand for US dollars has increased sharply over the past three weeks, driven by sectors such as energy, manufacturing, commerce, and mining.
This surge has led to noticeable fluctuations in exchange rates quoted by forex bureaus.
Data from commercial banks shows that in April 2026 alone, the Bank of Ghana sold about US$1.35 billion through the forex intermediation programme.
During the same period, the cedi depreciated by about 1.56% against the US dollar.
From January to April, the currency has weakened by roughly 5.80%, according to banking sector data.
