The Bank of Ghana (BoG) is set to inject US$1.15 billion into the foreign exchange market beginning October 2025 as part of its Domestic Gold Purchase Programme, aimed at stabilising the cedi and deepening FX market operations.
According to the central bank, the sales will be conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks.
Speaking at a meeting with heads of commercial banks in Accra, BoG Governor Dr. Johnson Asiama reaffirmed the Bank’s commitment to a fair and transparent market environment.
“Beginning October 2025, the Bank of Ghana will commence foreign exchange (FX) intermediation under the Domestic Gold Purchase Programme, with plans to sell up to US$1.15 billion for the month. These sales will be conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks,” he said.
The initiative, he noted, aims to deepen the interbank FX market, enhance price discovery, and stabilize the cedi against major trading currencies.
The BoG added that monthly auction volumes may be adjusted depending on market conditions, but its overarching goal remains to enhance transparency and reduce volatility in the forex market.
Beyond FX management, the central bank is urging commercial banks to expand financial support for SMEs and agribusinesses, which it described as “critical drivers of sustainable economic growth.”
It also encouraged banks to develop export-oriented financial products, engage local insurance firms for import coverage to retain foreign exchange within Ghana, and consider public listings to strengthen capital and promote transparency.
The Domestic Gold Purchase Program, launched to leverage locally mined gold for reserve accumulation, remains a key part of the BoG’s long-term strategy to reduce reliance on foreign currency and support exchange rate stability.
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