The Bank of Ghana is set to inject $450 million into the forex market during the first quarter of this year to stabilise the cedi against the US dollar.
The central bank hopes to tackle speculation, which is a major cause of cedi-depreciation – especially in the first three months of the year.
The release by the bank on January 4, 2022, in the auction target calendar, also indicates that the BoG is ready to accept bids of up to $150 million each month in the first quarter.
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Despite an earlier marginal appreciation, the cedi recorded a 4% depreciation against the US dollar at the end of 2021.
