BoG plans to sell FX up to US$1.15 billion in October
The Bank of Ghana (BoG) has announced plans to commence foreign exchange (FX) intermediation under the Domestic Gold Purchase Programme, with a target to sell up to US$1.15 billion in the month.
The sales will be conducted on a spot basis through twice-weekly, price-competitive auctions, which will be open to all licensed banks.
Governor Dr. Johnson Pandit Asiama made this known during a post-Monetary Policy Committee engagement with heads of banks. He explained that the process will have no conditions or earmarking for allocations, ensuring fairness and transparency in market access.
“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 stated.
He reaffirmed the central bank’s commitment to transparency, noting that the BoG will continue to publish all foreign exchange market operations and results in line with international best practices.
Dr. Asiama also commended the banking sector for its strong performance and resilience. “The Capital Adequacy Ratio has risen to 17.7 percent, while Non-Performing Loans have improved to 20.8 percent — though still elevated and requiring sustained vigilance,” he said.
To strengthen prudential oversight and risk management, the BoG has introduced several new directives, including the Bancassurance Directive, the Large Exposures Directive, and Guidelines on Credit Concentration Risk Management.
He added that the Bank has extended the transition period for the Outsourcing Directive to the end of December 2025, following consultations with the Ghana Association of Banks.