The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has urged authorities to review their handling of black market forex dealers.

He warned that the task force swoops is already affecting exchange rates and undermining attempts to keep fuel prices stable.

In an interview on PM Express Business Edition he explained that the cedi often appears stable for about two weeks, and may even appreciate at certain points, but then “you suddenly hear that the currency has lost value again.”

“For today… I can put on record that whilst at the office with a few people, we kept trying to source dollars from the open market, and you will be surprised by the rates that kept coming within one hour,” he expressed.

Mr Amoah added the sharp movements were alarming, linking part of the volatility to the security operations against street forex traders.

“Whatever the task force did yesterday by arresting black market dealers is also having a negative impact.”

Mr Amoah has advised authorities to reassess their approach, warning that the current method may be worsening the rate rather than stabilising it.

Meawhile, the Bank of Ghana (BoG) began forex injections in January 2025, just a few weeks after the incumbent government assumed power. This was in response to the massive depreciation of the local currency against major trading currencies, particularly the dollar, in 2024, during which the cedi lost about 24–25% of its value.

The injections were carried out through scheduled auctions held every week, where commercial banks purchase the forex and pass it to businesses and importers who need it, as part of efforts to stabilise the cedi. Officials describe this process as a “dollar intervention.”

According to reports, BoG injected into the market almost every month from January to December, totalling approximately $10 billion. In January, the forex intervention became a necessity due to pressures from the festive season and high demand for imports.

How interventions are funded The intervention has been funded by the BoG’s Domestic Gold Purchase Programme (DGPP). The programme, launched by the Bank of Ghana in 2021, buys locally produced gold directly from mining companies and aggregators. Its goal is to use gold as a reserve asset to strengthen Ghana’s foreign exchange reserves, stabilise the cedi, and reduce reliance on imported dollars.

According to analysts, as reported by Joy Business, the Central Bank has so far not depleted the country’s reserves following the execution of the programme. Ghana’s reserves, as of October 2025, had hit a record $11.4 billion, with strong indications that the year could close above $12 billion. The latest Economic and Financial Data from the Central Bank showed that Ghana’s international reserves stood at $9.1 billion in December 2024.

The BoG has channelled portions of the gold windfall into reserve accumulation, upcoming debt repayments, and dollar support for the market. In October alone, the Bank injected $1.15 billion under the FX Intermediation Programme. The dollar auction was conducted on a market-neutral, spot basis. Market watchers believe these interventions helped drive the cedi’s record appreciation in October 2025.

Data from the Bank of Ghana shows the cedi appreciated by 13.9% against the dollar as of the end of October 2025, and by 32.2% year-to-date.

According to the Bank, future foreign exchange interventions will follow a “structured discretion-under-constraint” approach. This ensures interventions do not target specific exchange rate levels but instead address market failures, such as the absence of hedging tools for major risks.

“Reserve accumulation and intermediation objectives will be achieved through transparent and well-communicated operations,” the Bank of Ghana said in a recent statement.

In November, the BoG announced that it was set to release about $1 billion into Ghana’s foreign exchange (FX) market. The financial institution stated that the injection would be done twice every week, with the central bank holding two separate auctions and selling $300 million to licensed commercial banks through spot sales.

However, the amount for the following months will depend on market conditions, i.e., how strong or weak the cedi is. The BoG highlighted its commitment to transparency, stressing that it will publish all information about its forex operations and interventions so the public is informed. In October 2025, the BoG injected $1.15 billion into the market.

This was not the first injection by the Bank of Ghana in 2025. News about the interventions emerged when the cedi began to stabilise in the first quarter of the year, following the President's confirmation during his first official meeting with the press in September. He noted that the BoG had withdrawn its intervention in the forex market, stressing the need to balance support for exporters without overburdening importers.

The IMF, in its country report, confirmed that the central bank injected $1.4 billion in the first quarter of the year. In March 2025, an additional $264 million was released specifically to counter volatility and reinforce the cedi’s strength.

Subsequently, a substantial injection of $1.15 billion was made in October following the launch of the BoG’s Domestic Gold Purchase Programme in July, which partly involves selling some of the gold it acquires to raise foreign exchange and then injecting it into the country's forex market to stabilise the cedi.

In January 2025, the Bank of Ghana injected about $900 million into the forex market. This heavy start was necessary to counter the surge in post-holiday demand and import pressures. In February, another strong intervention of roughly $850 million was aimed at stabilising interbank rates and keeping the cedi steady.

By March, injections rose to approximately $950 million, bringing the cumulative total for the first quarter to about $2.7 billion. In April, the Bank released around $800 million as seasonal import demand continued to weigh on the currency. May saw a slight moderation, with about $750 million injected, reflecting some improvement in reserves. In June, interventions dropped further to $700 million, yet by mid-year, the cumulative injections had already reached $5 billion.

The second half of the year began with renewed pressure from oil import bills, prompting the Bank to inject about $850 million in July. In August, another $800 million was released to stabilise the market ahead of expected inflows from the cocoa syndicated loan. September required stronger action, with about $900 million injected to offset depreciation pressures.

In October, volatility in the cedi demanded sustained interventions, leading to another $850 million injection. By November, the Bank moderated its support to $750 million as donor inflows provided some relief. Finally, in December, year-end demand and festive imports pushed the Bank to inject about $900 million, bringing the cumulative total for the year to an estimated $10 billion.