Bank of Ghana Injects $10 Billion Into Forex Market

Ghana’s fight to stabilise the cedi reached a major milestone this year as the Bank of Ghana (BoG) confirmed that it has pumped over $10 billion into the forex market between January and early December 2025. This huge intervention is one of the central bank’s most aggressive moves in recent years to calm exchange-rate pressures and support businesses that rely heavily on foreign currency.

Why BoG Released Such a Massive Amount

According to the central bank, the dollars supplied were not meant to “fix” the exchange rate or peg the cedi artificially. Instead, the funds were released to meet real market demand—especially from importers, manufacturing companies, banks, and sectors that genuinely needed forex for daily operations.

A large share of the money came from Ghana’s Domestic Gold Purchase Programme, which has become one of the government’s strong revenue streams. With global gold prices staying high, BoG has been able to convert part of Ghana’s gold into healthy foreign-exchange inflows.

Reserves Still Growing Despite the Intervention

Interestingly, the huge forex injection did not drain Ghana’s foreign reserves. BoG revealed that:

Ghana’s net international reserves rose from $9.1 billion in December 2024

…to $11.4 billion by October 2025

…with projections to exceed $12 billion by the end of 2025

This means the forex support was done in a controlled and sustainable way, ensuring the country still has strong buffers against global shocks.

Cedi Gains Strength as Pressure Eases

The impact was quickly visible on the market:

In October alone, BoG supplied $1.15 billion to banks.

The cedi appreciated by 13.9% in that month.

Overall, the currency had gained over 32% against the dollar for the year.

For importers, travellers, and businesses servicing dollar-denominated loans, this relief has been significant.

A New FX Operations Framework Introduced

To make forex interventions more transparent and predictable, the BoG board approved a new Foreign Exchange Operations Framework in November.

Under this new policy:

BoG will continue supplying forex, but only to smooth sudden volatility—not to control the market price.

The main goal is to build reserves and prevent extreme shocks.

All interventions will use clear guidelines so that banks and investors understand how the system works.

This is expected to improve trust and reduce the speculation that often worsens exchange-rate swings.

Experts Say Long-Term Stability Needs More Than Interventions

While the $10 billion injection has eased pressure, several economists warn that forex support alone cannot permanently stabilise the cedi.

They argue that Ghana must also:

Reduce dependence on imports

Strengthen non-gold exports

Support local production

Improve fiscal discipline

Without these structural reforms, they believe the cedi may continue fluctuating whenever global conditions change.

What This Means for the Ordinary Ghanaian

Here’s how the BoG’s action directly affects everyday life:

✔️ Lower pressure on prices

A more stable cedi means imported items—fuel, food, electronics, medicines—become less expensive.

✔️ Reduced cost for businesses

Companies that import raw materials can plan better and avoid sudden price increases.

✔️ Better investor confidence

A stable currency makes Ghana more attractive for foreign investments.

✔️ Stronger economic stability

With higher reserves, Ghana is better prepared for global uncertainties.

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Final Thoughts

The Bank of Ghana’s $10 billion forex injection is one of the boldest moves the country has seen in many years. It has boosted confidence, strengthened the cedi, and improved liquidity in the market. But the long-term success of this effort will depend on Ghana’s ability to reduce import dependence and diversify the economy.

For now, the intervention has provided much-needed relief—and all eyes are on how the government will build on this momentum going forward.