BoG to pump $1.15bn into FX sales to steady cedi

Story By Williams Agyapong On October 9, 2025, 9:05 AM

The Bank of Ghana (BoG) will, from October 2025, begin Foreign Exchange (FX) sales under its Domestic Gold Purchase Programme, with up to US$1.15 billion set to be released into the market.

The central bank says the FX will be sold on a spot basis through twice-weekly competitive auctions open to all licensed banks.

Governor Dr. Johnson Asiama assured that there will be no special conditions or preferential allocations, stressing that the process will be fair, transparent, and accessible to all participants.

The initiative is designed to deepen the interbank FX market, improve price discovery, and help stabilise the cedi.

The BoG noted that monthly auction volumes may be adjusted depending on market conditions, but the core objective remains to enhance transparency and reduce volatility.

Beyond FX stabilisation, the Governor urged banks to increase financing for SMEs and agribusinesses, describing them as vital to Ghana’s economic growth.

He also encouraged lenders to design export-oriented financial products, use local insurance firms for import cover to retain forex, and consider public listings to strengthen their capital base and improve accountability.

The Domestic Gold Purchase Programme, which uses locally mined gold to build reserves, is a key pillar of the BoG’s long-term strategy to reduce reliance on foreign currency inflows and support exchange rate stability.