• The Bank of Ghana plans to sell up to $1 billion on the FX market in January 2026.
• The central bank aims to limit exchange-rate volatility without targeting a fixed level.
• The cedi gained 40.67% in 2025, its first annual rise since at least 1994.

The Bank of Ghana said on January 5, 2026, that it plans to sell up to $1 billion on the foreign-exchange market during the month. The central bank will offer the dollars to commercial banks and companies that need foreign currency, particularly to finance imports.

The operation falls under the central bank’s FX intermediation programme. Under this framework, the Bank of Ghana acts as an intermediary to inject dollars into the market in an organised manner. The bank will conduct the sales through auctions, based on rules set out in a newly approved FX operations framework. The bank said the volumes sold may vary depending on market conditions, foreign-currency demand and reserve availability.

The central bank’s objectives

The Bank of Ghana said the dollar sales aim primarily to limit sharp exchange-rate swings. When companies struggle to access foreign currency, pressure builds on the cedi and can trigger rapid depreciation. By injecting dollars, the central bank seeks to meet part of demand and prevent abrupt short-term movements. The bank said it does not aim to target a specific exchange-rate level or steer the market in a particular direction.

The programme also supports reserve management. The Bank of Ghana continues to pursue reserve accumulation while deploying part of its holdings when market conditions require. Part of the dollars sold originate from the national gold purchase programme. Under this scheme, the central bank buys locally produced gold and converts it into foreign currency. The bank then injects the resulting dollars into the FX market gradually and in a controlled manner to avoid market disruption.

2025 results and 2026 outlook

In December 2025, the Bank of Ghana planned to sell up to $800 million but sold $721 million. The bank conducted the sales through open auctions accessible to all licensed banks. Since the launch of the revised programme in September 2025, the bank injected $1.1 billion in September, $1.3 billion in October, $1 billion in November and $721 million in December. Market participants said the operations supported FX market stability and the cedi in 2025.

The Bank of Ghana said the cedi appreciated 40.67% against the dollar in 2025 to about 10.45 cedis per dollar. According to data compiled by Bloomberg, the currency recorded its first annual gain since at least 1994. Among 144 currencies tracked by the financial data provider, the cedi ranked second in performance against the dollar, behind the Russian rouble.

In 2026, market attention will focus on the first quarter, which typically brings stronger demand for foreign currency. Companies increase imports and listed firms distribute dividends to foreign shareholders, factors that can pressure the FX market. Investors and traders will closely monitor whether the Bank of Ghana can meet demand while maintaining orderly market conditions.

This article was initially published in French by Chamberline Moko

Adapted in English by Ange Jason Quenum