The Bank of Ghana (BoG) has dismissed claims that it relied on direct foreign exchange market interventions throughout 2025, revealing that it did not inject reserves into the forex market between August 2024 and the end of December 2025.
The revelation by the Governor of the Bank of Ghana, Dr. Johnson Asiama, has sparked fresh discussions about the country’s currency management strategy and the measures being used to support stability in the foreign exchange market.
In responses submitted to Parliament, Dr. Asiama explained that the central bank’s current foreign exchange operations have not depended on drawing down Ghana’s international reserves. Instead, the BoG has relied on the Domestic Gold Purchase Programme as a major tool for forex intermediation.
“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.”
Dr. Johnson Asiama
The disclosure comes at a time when currency stability remains a major focus for businesses, investors and households following years of pressure on the Ghana cedi.
Gold Becomes Key Driver of Forex Supply
According to Dr. Asiama, the shift towards gold-based forex operations was designed to restructure how foreign exchange enters the domestic market.
He explained that the programme has helped centralise foreign exchange flows that were previously managed by independent gold exporters. Under the new arrangement, proceeds from gold exports are channelled back into the forex market through Goldbod operations.
The Governor said the strategy has allowed the country to strengthen its foreign exchange supply system without depending heavily on the traditional approach of selling reserves to influence market conditions.
Between January 7 and December 31, 2025, the Bank of Ghana reportedly intermediated export foreign exchange flows worth US$10.36 billion through the Domestic Gold Purchase Programme.
The figure highlights the growing importance of gold as a source of foreign currency at a time when Ghana continues efforts to improve reserve accumulation and reduce pressure on the cedi.
New Forex Framework Introduced
Dr. Asiama disclosed that the current foreign exchange intermediation framework was formally introduced on November 11, 2025, under the Bank of Ghana’s New Foreign Exchange Operations Framework.
The framework, according to the Governor, is built around market principles that allow exchange rates to respond to supply and demand conditions while limiting extreme 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.”
Dr. Johnson Asiama
The central bank also conducts spot foreign exchange auctions under a market-neutral system, where it does not charge fees or influence the pricing decisions of market participants.
The policy direction represents a shift from previous interventions where central banks often relied on foreign reserves to supply dollars during periods of heightened currency pressure.
Mining, Oil And Gas Companies Also Supported Liquidity
Apart from gold proceeds, the Governor revealed that foreign exchange sourced from mining, oil and gas companies also contributed to market liquidity during parts of 2025.
However, the arrangement was discontinued on September 1, 2025, after which the responsibility was transferred to commercial banks under a three-month pilot programme aimed at improving liquidity conditions in the forex market.
The move forms part of broader efforts by the BoG to encourage greater participation by commercial banks and reduce reliance on central bank-led forex supply.
The Governor maintained that the objective of the new framework is to create a more transparent and predictable forex market where prices reflect market realities.
BoG Defends New Approach To Currency Management
The Bank of Ghana’s position signals a major transformation in how foreign exchange operations are managed in Ghana.
By relying on gold purchases and market-based mechanisms rather than direct reserve-backed interventions, the central bank believes it can support liquidity while preserving international reserves.
As Ghana continues to monitor exchange rate movements, inflation trends and investor confidence, the effectiveness of the new framework will remain under close scrutiny.
The disclosure that no direct FX interventions were conducted throughout 2025 marks a significant moment in the country’s monetary policy conversation and highlights the increasing role of gold in Ghana’s financial strategy.
