Accra, Oct. 8. The Bank of Ghana (BoG) has announced plans to commence foreign exchange (FX) intermediation under the Domestic Gold Purchase Programme, with sales of up to US$1.15 billion planned for the month.
The sales will be conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks, according to Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana. He emphasised that there will be no conditions or earmarking for allocations, ensuring a level playing field and transparent access to the market.
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“Monthly auction volumes may be adjusted depending on evolving market conditions, but our overarching objective remains clear: to deepen the interbank FX market, enhance price discovery, and smooth volatility,” Dr. Asiama said during a post-Monetary Policy Committee engagement with heads of banks.
The Governor underscored the central bank’s commitment to transparency, noting that all foreign exchange operations and outcomes will continue to be disclosed in line with best international practices.
Dr. Asiama also commended the banking sector for maintaining resilience, highlighting that the Capital Adequacy Ratio has risen to 17.7 percent, while Non-Performing Loans have improved to 20.8 percent, though he warned that vigilance remains necessary.
To strengthen prudential oversight and risk management, the BoG has introduced new directives, including the Bancassurance Directive, the Large Exposures Directive, and the Guidelines on Credit Concentration Risk Management.
The central bank has also extended the transition period for the Outsourcing Directive to the end of December 2025, following consultations with the Ghana Association of Banks. “I want to emphasise that this will be the final extension, and banks must ensure full compliance thereafter,” Dr. Asiama added.
