The Bank of Ghana (BoG) has announced plans to begin foreign exchange (FX) intermediation under its Domestic Gold Purchase Programme, with a projection to sell up to $1.15 billion this month.
According to Governor Dr. Johnson Pandit Asiama, the sales will be conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks. He made this known during a post-Monetary Policy Committee (MPC) engagement with heads of banks in Accra.
Dr. Asiama explained that there would be no conditions or earmarked allocations, ensuring transparent and fair access to all participants.
“Monthly auction volumes may be adjusted depending on market conditions, but our main goal is to deepen the interbank FX market, improve price discovery, and reduce volatility,” he stated.
He reaffirmed the central bank’s commitment to transparency, noting that all market operations and outcomes would be disclosed in line with international best practices.
Dr. Asiama also commended the banking industry for maintaining strong performance and resilience, revealing that the Capital Adequacy Ratio had risen to 17.7%, while Non-Performing Loans (NPLs) had improved to 20.8%, though he cautioned that the level remained “elevated and requires continued vigilance.”
To strengthen prudential oversight, the BoG has rolled out new directives, including the Bancassurance Directive, Large Exposures Directive, and Guidelines on Credit Concentration Risk Management.
Additionally, the transition period for the Outsourcing Directive has been extended to December 2025, following consultations with the Ghana Association of Banks.
“This will be the final extension,” Dr. Asiama emphasized. “Banks must ensure full compliance thereafter.”
Source: Wesleyannews.com
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