The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has revealed that the Central Bank is considering a gold price hedging programme to protect the country’s export revenues in the face of potential international market volatility.
Speaking at the Stanbic Bank/Graphic Business Breakfast Meeting in Accra on June 15, 2025, Dr. Asiama explained that the initiative is aimed at minimizing losses should global gold prices begin to decline.
“The time has come for not only the Bank of Ghana but also businesses to explore hedging to minimise shocks in these challenging times,” he stated.
His remarks come at a time when institutions such as Barclays PLC have projected a possible downturn in gold prices in the coming months.
International Reserves and Cedi Stability
Dr. Asiama also disclosed that Ghana’s international reserves have reached $11 billion as of June 2025 — a strong buffer that supports the country’s external sector and currency stability.
He noted that the proposed hedging strategy could help the BoG manage potential shocks to the country’s export earnings and support long-term macroeconomic resilience.
The BoG Governor emphasized the importance of collective efforts to stabilise the Ghana cedi.
“The cedi is the only legal tender in Ghana, and let’s make it work for all of us,” he stressed.
He urged local businesses to adopt the cedi as the default currency for all domestic transactions.
“When you go to countries like South Africa, it’s purely their local currency. Let’s also try and do the same when it comes to the Ghana cedi,” he said.
Call for Investment and Market Information
Dr. Asiama encouraged Ghanaian exporters and businesses to reinvest their earnings within the country to boost domestic value retention and reinforce the strength of the local currency.
“The more value is kept within Ghana, the stronger the cedi becomes — and so does the stability of the economy,” he noted.
He also called for greater collaboration between the Bank and market participants in sustaining forex stability.
“I will encourage everyone to share market information with us, and I promise to act on it,” he added.
Dr. Asiama reiterated the BoG’s commitment to implementing measures that ensure long-term currency and market stability.
Source: Joy Business
