The Bank of Ghana (BoG) has introduced a new Foreign Exchange (FX) operations framework aimed at enhancing transparency and reinforcing confidence in the country’s foreign exchange market.

This framework adopts a rule-based approach, ensuring that FX interventions are guided by clear, pre-announced criteria rather than ad-hoc decisions.

In a statement released on Tuesday, November 11, 2025, the central bank emphasised that the initiative aligns with its commitment to macroeconomic stability under its inflation-targeting mandate, while maintaining a flexible, market-driven exchange rate regime.

BoG’s FX operations will focus on three core objectives:

1. Reserve Accumulation — to build strong buffers against external vulnerabilities.

2. Volatility Management — to reduce excessive short-term fluctuations without fixing the exchange rate.

3. Market-Neutral Intermediation — to channel FX inflows, including from the Gold Purchase Programme and export surrender requirements, into the market transparently and without influencing the currency’s trend.

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The BoG said that to further promote transparency, it will begin publishing aggregated monthly FX operations within five business days after the end of each month, clearly distinguishing between its operational objectives.

This initiative is expected to provide market participants and the public with deeper insights into the BoG’s decision-making process, ultimately strengthening confidence in Ghana’s FX market.

SP/AE

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