By Adnan Adams Mohammed
Investors monitoring Ghana’s macroeconomic landscape have received a strong signal of fiscal resilience, as the Bank of Ghana (BoG) revealed it has successfully preserved its foreign reserves by halting all direct currency interventions.
By transitioning to a market-determined exchange rate framework backed by a massive $10.36 billion gold-intermediation programme, the central bank is boosting market liquidity and strengthening its sovereign balance sheet without depleting its hard currency buffers.
The strategy was detailed by the Governor of the Bank of Ghana, Dr. Johnson Asiama, who revealed during a closed-door parliamentary briefing on Wednesday that the central bank did not execute a single direct FX intervention between August 2024 and December 2025. Instead, the bank has successfully leaned on its Domestic Gold Purchase Programme to intermediate billions in foreign exchange.
“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,” the Governor informed lawmakers. “Instead, FX intermediation has been executed through the Domestic Gold Purchase Programme, converting Ghana cedis from FX forward auctions into forex via gold purchases.”
According to Dr. Asiama, this strategic arrangement has effectively centralized foreign exchange flows that were previously supplied by independent gold exporters, with proceeds now channeled back into the market through Goldbod operations.
The Governor’s briefing, which was shielded from the media following a ruling by First Deputy Speaker Bernard Ahiafor, drew sharp criticism from the Minority. Opposition Members of Parliament objected to the blackout, arguing that matters concerning the central bank’s foreign exchange operations are of profound public interest and should be discussed in an open sitting.
During the engagement, Dr. Asiama detailed the mechanics of the central bank’s New Foreign Exchange Operations Framework, which was formally introduced on November 11, 2025. He explained that alongside gold proceeds, foreign exchange sourced from mining, oil, and gas companies also contributed to FX liquidity earlier in the year. However, the BoG discontinued those direct purchases on September 1, 2025, transferring them to commercial banks on a three-month pilot basis to further improve market liquidity.
Emphasizing the central bank’s commitment to core market principles, the Governor noted that the BoG currently conducts spot foreign exchange auctions in a market-neutral manner, without charging fees or providing guidance on exchange rate pricing.
“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. Asiama stated.
To highlight the scale of the central bank’s new approach, the Governor disclosed to the House that the BoG successfully intermediated export foreign exchange flows totaling a massive US$10.36 billion through the Domestic Gold Purchase Programme between January 7 and December 31, 2025.
Despite the Minority’s objections to the closed session, the Governor’s revelations provide the investment community with a much clearer picture of the BoG’s evolving, reserve-neutral strategy to manage the local currency.
