The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has disclosed that the central bank has not undertaken any direct intervention in the foreign exchange (FX) market since August 2024, insisting that the current stability of the cedi has not been supported through the use of Ghana’s foreign reserves.
The Governor made the disclosure in written responses submitted to Parliament during a briefing to the House’s Finance Committee on Wednesday, July 15.
The briefing was held behind closed doors after First Deputy Speaker Bernard Ahiafor ruled that the media would not be allowed to cover the proceedings, a decision that drew objections from the Minority.
According to Dr. Asiama, the Bank of Ghana’s foreign exchange operations are currently driven by the Domestic Gold Purchase Programme rather than direct interventions in the FX market.
“Since August 2024, the Bank of Ghana has not undertaken direct FX market interventions, as its FX operations do not draw on the central bank’s reserves. Instead, FX intermediation has been executed through the Domestic Gold Purchase Programme, converting Ghana cedis from FX forward auctions into forex via gold purchases,” he stated.
He explained that the programme has enabled the central bank to channel foreign exchange flows that were previously handled by independent gold exporters back into the market through Goldbod operations.
Dr. Asiama disclosed that the current foreign exchange framework was introduced on November 11, 2025, under the Bank of Ghana’s New Foreign Exchange Operations Framework.
He noted that foreign exchange proceeds from the mining, oil and gas sectors also supported market liquidity for part of the year. However, those purchases were discontinued on September 1, 2025, and transferred to commercial banks under a three-month pilot arrangement aimed at improving liquidity in the market.
The Governor said the central bank’s foreign exchange policy is guided by a rule-based framework that allows exchange rates to be determined by market forces while limiting excessive short-term volatility.
“The Bank of Ghana foreign exchange framework emphasises a rule-based approach that allows exchange rates to be determined by market forces while limiting excessive short-term volatility but not eliminating it,” he said.
He added that the Bank conducts spot foreign exchange auctions in a market-neutral manner without charging fees or providing guidance on exchange rate pricing.
Dr. Asiama further disclosed that between January 7 and December 31, 2025, the Bank of Ghana intermediated export foreign exchange flows amounting to US$10.36 billion through the Domestic Gold Purchase Programme.
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