November will see the Bank of Ghana (BoG) inject up to $1 billion into the market under its updated Foreign Exchange Market Intermediation Program.
Two times a week in November, the Central Bank may auction off roughly $300 million to licensed commercial banks on a spot basis as part of the effort.
This was included in a notification that JoyBusiness saw sent to dealers and traders of participating commercial banks. Subsequent monthly volumes will be decided by the situation of the market, according to the Bank of Ghana.
It added that the Bank remains firmly committed to transparency in its operations and will continue to disclose all relevant information regarding its foreign exchange activities, including FX intermediation and intervention.
October Market Intervention
The FX Intermediation Program received a $1.15 billion injection from the Bank of Ghana in October. The Central Bank explained that the dollar auction was conducted on a spot basis in a way that was neutral to the market.
According to market observers, these actions had a major role in the cedi’s historic increase in value in October 2025. The cedi gained 13.9% against the dollar as of the end of October 2025, and 34.86% so far this year, according to data from the Bank of Ghana.
The interbank market had an average daily trading volume of $22 million, which went toward a monthly interbank volume of $484 million.
The surge in the cedi has been ascribed by several commercial banks to new monetary and foreign exchange policies that have enhanced the availability of dollars and reinforced the enforcement of foreign exchange laws.
The Bank of Ghana’s decision to change its FX market interventions from weekly auctions to spot sales for commercial banks has been a significant impact. The Ghana Association of Banks claims that this change in policy has improved market efficiency.
Background
Under the Domestic Gold Purchase Program, the Bank of Ghana began foreign exchange intermediation in October 2025 with the goal of selling up to $1.15 billion each month.
All licensed banks are welcome to participate in the twice-weekly, price-competitive auctions that are used to perform these spot transactions. In order to guarantee fair competition and open market access, BoG Governor Dr. Johnson Asiama clarified during a meeting with banks that there would be no restrictions or earmarking for allocations.
“Monthly auction volumes may be adjusted depending on evolving market conditions, but our overarching objective remains clear: to deepen the interbank FX market, enhance price discovery, and smooth volatility,” he said.
The Bank of Ghana currently conducts market-neutral interventions through twice-weekly open auctions that are open to all licensed banks, marking a significant shift from the previous system of intervening and selling dollars to commercial banks.