Bank of Ghana to sell US$1.15 billion in forex under Domestic Gold Programme

The Bank of Ghana (BoG) has announced plans to commence foreign exchange (FX) intermediation under its Domestic Gold Purchase Programme beginning this month [October 2025], with up to US$1.15 billion set to be sold.

Speaking at a post-Monetary Policy Committee (MPC) engagement with bank CEOs on October 7, 2025, BoG Governor Dr Johnson Pandit Asiama said the sales will be conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks.

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“Importantly, there will be no conditions or earmarking for allocations, ensuring a level playing field and transparent access to the market,” he explained.

Dr Asiama noted that monthly auction volumes may be adjusted depending on evolving market conditions but emphasised that the primary goal is to deepen the interbank FX market, enhance price discovery, and smooth currency volatility.

“The Bank of Ghana remains fully committed to transparency, and we will continue to disclose all FX market operations and outcomes in line with best international practice,” he added.

Meanwhile, the Bank of Ghana reported a US$6.2 billion trade surplus in the first eight months of 2025, with international reserves reaching US$10.7 billion, enough to cover 4.5 months of imports.

Additionally, the cedi has strengthened, appreciating 21% year-to-date, reflecting rising market confidence in the country’s economic policies.

MA

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