The Bank of Ghana (BoG) has increased the amount of Foreign Exchange (FX) Forward Auction to commercial banks.
Information gathered by Joy Business indicates that earlier this week, the Central Bank through a 7-day forward auction, sold US$208 million to the commercial banks.
It initially offered US$100 million, and the amount was later increased to US$208 million.
Official results also indicated that the US$208 million auction was sold at the rate of GH¢11.80 to GH¢12.15. However, by the close of the session, quotes stood at GH¢12.05/GH¢12.15.
These auction results are coming at a time when the Bank of Ghana has not been “heavy” on the forex market in terms of dollar auctions.
Commercial Banks on Auctions
Some of the commercial banks had argued that the limited supply of dollars by the Bank of Ghana may have played a role in the current pressure on the Ghana cedi.
Others are of the impression that the development has affected some foreign exchange transactions that they undertake.
But the Bank of Ghana, on the other hand, argued that it has enough dollars to support the forex market. However, its market intervention will be strategic because the country is under an International Monetary Fund programme and may have some significant dollar debt repayments next year.
The Bank of Ghana Governor, Dr. Johnson Asiama, in an interview with Joy Business, however, assured that the regulator has taken some measures to deal with this challenge.
This includes a directive to the mining firms to release their foreign exchange inflows to the commercial banks instead of the Bank of Ghana.
He also noted that there are other measures that the Central Bank is implementing that will go a long way to deal with the liquidity pressures on the interbank market.
Forward Auction Decline
Meanwhile, data showed that the Central Bank sold about US$737 million through its market spot and seven-day auction programme in August 2025.
However, this represented more than an 18% drop over July 2025.
For some market analysts the development indeed shows that Bank of Ghana has been reducing the amount of dollars it sells on the market over the past month.
Source: Joy Business
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