The Bank of Ghana (BoG) is set to initiate foreign exchange (FX) intermediation under its Domestic Gold Purchase Programme in October 2025, with intentions to sell as much as US$1.15 billion to the market.
As stated by the central bank, these sales will occur on a spot basis through competitive auctions held twice a week, which will be accessible to all licensed banks.
During a meeting with the heads of commercial banks in Accra, the Governor of the BoG, Dr. Johnson Asiama, emphasized that there will be no preferential conditions or designated allocations, thereby ensuring equitable and transparent access for all market participants.
“Starting in October 2025, the Bank of Ghana will begin foreign exchange (FX) intermediation as part of the Domestic Gold Purchase Programme, with plans to sell up to US$1.15 billion during that month. These transactions will be executed on a spot basis through competitive auctions conducted twice weekly, available to all licensed banks,” he remarked.
This initiative is designed to enhance the interbank FX market, facilitate better price discovery, and stabilize the cedi.
While monthly auction volumes may be adjusted in response to market conditions, the BoG has stated that its primary objective is to enhance transparency and mitigate volatility in the foreign exchange market.
In addition to FX management, the central bank is encouraging commercial banks to increase their support for small and medium enterprises (SMEs) and agribusinesses, which are vital for economic development.
The BoG also urged banks to create financial products aimed at exports, utilize local insurance firms for import coverage to keep foreign exchange within the nation, and consider public listings to bolster capital and enhance transparency.
The Domestic Gold Purchase Programme, which was established to utilize locally sourced gold for reserve building, forms part of the BoG’s comprehensive strategy to lessen dependence on foreign currency and promote long-term exchange rate stability.
