The Bank of Ghana (BoG) has issued a new directive requiring mining companies to route their foreign exchange inflows through commercial banks rather than directly to the central bank.
The move, confirmed by Governor Dr. Johnson Asiama, is aimed at strengthening interbank forex trading and easing pressure on the Ghana cedi.
The decision marks a significant shift from existing practice, where inflows from mining firms were received by the BoG to support the country’s reserves.
According to Dr. Asiama, the new arrangement will improve forex liquidity in the banking sector and provide greater access for businesses and households.
“We are hoping that this will provide additional forex support to the commercial banks in addition to what the Bank of Ghana will do.”
Dr. Johnson Asiama, Governor of BoG
The Ghanaian economy has in recent months grappled with exchange rate pressures, with the cedi experiencing bouts of volatility driven by high import demand, speculation, and global commodity market fluctuations.
By redirecting mining firms’ forex inflows through commercial banks, the BoG hopes to stimulate greater activity in the interbank market and ensure that liquidity is spread across the formal financial system rather than concentrated at the central bank.
Dr. Asiama explained that the measures were part of a broader package of interventions aimed at stabilising the currency.
“The measures are critical to improving forex liquidity while the Bank continues other interventions to ease pressure on the Ghana cedi.”
Dr. Johnson Asiama, Governor of BoG
Digital Finance and Crypto Under Review
Beyond forex management, the Governor also addressed concerns over the growing use of digital assets and alternative settlement channels by some financial service providers.
He revealed that the BoG had observed “some payment service providers experimenting with crypto and offshore settlement models,” a development that has prompted the central bank to fast-track a regulatory framework for virtual assets and digital finance by the end of the year.
While acknowledging innovation in financial technology, Dr. Asiama cautioned that such practices must not undermine the stability of the cedi.
“While innovation is welcome, such practices must not weaken the cedi. The assurance here is that these practices will be stopped.”
Dr. Johnson Asiama, Governor of BoG
Dr. Asiama also cautioned against the dangers of speculation in the forex market, warning that currency expectations could become self-fulfilling and exacerbate volatility.
“Like any currency, it will fluctuate, but we must avoid turning these movements into a self-fulfilling prophecy, where every small shift drives fear and speculation, which leads to larger movements.
“Speculators and bad actors will not win. The distortions are temporary and are being corrected.”
Dr. Johnson Asiama, Governor of BoG
Market watchers have noted that speculative behaviour, combined with seasonal demand for foreign currency, has often amplified swings in the exchange rate beyond what economic fundamentals would justify.
The Bank of Ghana’s decision is expected to reshape how mining revenues one of the country’s biggest sources of foreign exchange circulate through the financial system.
With gold exports alone generating over US$8 billion in the first half of 2025, according to government data, the policy could provide a major boost to interbank forex liquidity.
While the mining firms are yet to formally respond to the directive, banking sector insiders suggest that commercial lenders will welcome the move, as it increases their access to hard currency and strengthens their role in facilitating trade finance and other forex-dependent transactions.
As Ghana navigates its macroeconomic challenges, the effectiveness of these measures will be closely watched by businesses, investors, and international partners.
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