The Bank of Ghana (BoG) has announced the introduction of a new Foreign Exchange (FX) Operations Framework aimed at enhancing transparency, strengthening market confidence and maintaining macroeconomic stability under the country’s inflation-targeting regime.
In a statement issued on November 11, 2025 the Central Bank said the new framework seeks to clarify the objectives and guiding principles of its FX operations while maintaining a flexible, market-determined exchange rate system.
According to the statement, the framework is built around three main objectives. First, to support reserve accumulation as a buffer against external vulnerabilities.
Second is to dampen excessive short-term volatility in the foreign exchange market without undermining exchange rate flexibility.
Third, to intermediate FX flows in a market-neutral and transparent manner using inflows from initiatives such as the Gold Purchase Programme and export surrender requirements.
The BoG emphasised that its new approach would be rule-based, allowing market forces to determine exchange rates, while limiting short-term volatility.
FX interventions will follow a “structured discretion-under-constraint” approach, addressing market disruptions rather than targeting specific exchange rate levels.
Under the new system, FX operations will be conducted through competitive, variable-rate and fixed-amount auctions.
To promote transparency, auction amounts will be pre-announced and results will be published on the same day.
Additionally, twice-weekly FX operations will be scheduled in advance each month, while interventions to control market volatility will be announced either on the same day or a day before execution.
The BoG also pledged to publish aggregated monthly FX data within five business days after each month, providing details on operational objectives to help the public and market participants understand the intent behind its actions.
The Bank described the new framework as a reflection of its “commitment to transparency, market confidence and macroeconomic stability,” adding that it aims to strengthen Ghana’s economic resilience while preserving the flexibility of the exchange rate regime.
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