The Bank of Ghana (BoG) says it will sell up to $1.15 billion through commercial banks this month, marking a renewed push to stabilise the cedi despite warnings from international lenders against heavy market intervention.
The sales, part of the Domestic Gold Purchase Programme, will be conducted through twice-weekly, price-competitive auctions open to all licensed banks.
The initiative is backed by gold reserves purchased locally and aims to ease foreign exchange shortages affecting businesses.
“Beginning October 2025, the Bank of Ghana will commence foreign exchange intermediation under the Domestic Gold Purchase Programme, with plans to sell up to $1.15 billion for the month,” Governor Dr Johnson Pandit Asiama said at a meeting with bank executives in Accra.
“These sales will be conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks. Importantly, there will be no conditions or earmarking for allocations, ensuring a level playing field and transparent access to the market,” Dr Asiama added.
Dr Asiama said the auctions are designed to deepen the interbank forex market, improve price discovery, and reduce sharp swings in the exchange rate. Monthly volumes, he added, could be adjusted based on market conditions, with all operations publicly disclosed.
But the move comes amid concerns from the International Monetary Fund (IMF) and World Bank, which have urged the BoG to scale back its interventions.
The IMF has warned that “excessive control” risks distorting market pricing and depleting reserves.
