The Bank of Ghana (BoG) has announced plans to commence foreign exchange (FX) intermediation under its Domestic Gold Purchase Programme starting October, 2025.

The central bank intends to sell up to US$1.15 billion in FX for the month as part of efforts to strengthen market transparency and enhance price discovery.

According to the BoG, the sales will be conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks.

The BoG emphasized that there will be no earmarking or special conditions attached to allocations, ensuring a level playing field and transparent access for all market participants.

“The overarching objective remains clear to deepen the interbank FX market, enhance price discovery, and smooth volatility,” the Bank stated.

It added that monthly auction volumes may be adjusted based on evolving market conditions, but reaffirmed its commitment to full transparency. The BoG pledged to continue disclosing all FX market operations and outcomes in line with best international practices.

The move forms part of broader efforts by the central bank to strengthen Ghana’s FX management framework and promote stability within the financial system.

Cut lending rates further to support economic growth – BoG appeals to banks

he Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has urged commercial banks to further reduce their lending rates to support businesses and stimulate economic growth.

Speaking at a meeting with Chief Executives of commercial banks in Accra, Dr. Asiama said the recent cuts in the policy rate should reflect in the cost of borrowing for businesses and households.

According to him, while the central bank has reduced its policy rate by over six percentage points in recent months, lending rates in the banking sector have remained relatively high.

“The MPC voted to cut the policy rate by 350 basis points and this is to support the disinflation process. This is the third rate cut in 2025 and this reflect confidence that inflation remain within the medium term”

“We are mindful of potential risks such as possible tariff adjustment but we stand ready to act decisively so we expect further improvement as banks realign their pricing models,” he said.

He noted that lowering lending rates would help improve access to credit, particularly for small and medium-scale enterprises, which are key drivers of job creation and economic activity.

Dr. Asiama assured the banking industry of the Bank of Ghana’s commitment to maintaining a stable macroeconomic environment and working closely with financial institutions to ensure efficient credit delivery.

He emphasized that a more responsive banking sector would not only enhance private sector confidence but also accelerate the country’s post-recovery economic momentum.