The Bank of Ghana (BoG) has announced plans to inject up to $1 billion into the foreign exchange market in January 2026 under its Foreign Exchange Intermediation Programme, as part of ongoing efforts to stabilise liquidity conditions and support the cedi.

Market operators have attributed the cedi’s strong appreciation in late 2025 partly to these interventions, alongside broader policy reforms. By the end of October 2025, the local currency had gained about 13.9 per cent, reflecting improved confidence and stronger market dynamics.

Under the updated January programme, the central bank will continue selling foreign exchange on a spot basis to licensed commercial banks, with the total amount of up to $1 billion expected to be released through regular auctions.

Although the Bank of Ghana has not yet published a detailed auction calendar for January, the planned intervention reinforces its commitment to deepening the interbank foreign exchange market, enhancing price discovery and smoothing excessive volatility.

The January forex support follows a series of substantial market interventions in late 2025, including a $1.15 billion injection in October and a further $1 billion in November. These sales were conducted in a market-neutral manner through open spot auctions, helping to improve liquidity and underpin recent currency gains.