The Bank of Ghana (BoG) has announced the introduction of a new Foreign Exchange (FX) Operations Framework aimed at improving transparency, accountability, and stability in the management of the country’s foreign exchange market.
In a statement issued on Tuesday, November 11, 2025, the central bank said the framework, approved by its Board, sets out clear objectives and guiding principles for its FX operations in line with its inflation-targeting mandate and commitment to a flexible, market-determined exchange rate regime.
According to the BoG, the new framework is built around three key objectives. First, the central bank will focus on accumulating foreign reserves to provide a buffer against external shocks. Second, it will act to reduce excessive short-term volatility in the exchange rate by intervening in disorderly market conditions without compromising exchange rate flexibility. Third, the Bank will intermediate foreign exchange flows in a market-neutral and transparent manner, using inflows from programmes such as the Gold Purchase Programme and export surrender requirements.
“This means that the Bank of Ghana will channel FX inflows into the market in an orderly way without influencing the exchange rate trend,” the statement explained.
The BoG emphasised that the new framework is rule-based, allowing market forces to determine exchange rates while limiting excessive short-term fluctuations.
It adopts what the Bank described as a ‘structured discretion-under-constraint’ approach, ensuring interventions address market failures such as limited hedging options, rather than targeting specific exchange rate levels.
FX operations will be conducted through competitive, variable-rate, fixed-amount auctions, with transparent procedures for announcing and publishing results.
Transparency, the BoG stressed, is a central pillar of the new system. Auction amounts will be announced in advance, and results published on the same day.
The Bank will also conduct twice-weekly FX operations for flow intermediation, pre-announced at the start of each month, while interventions to curb excessive short-term volatility will be announced either the same day or one day before execution.
Additionally, the BoG will publish aggregated monthly FX operations data within five business days after the end of each month, clearly distinguishing between operational objectives.
This, it said, will help market participants and the public better understand the intent behind its actions and strengthen confidence in its operations.
“This new FX Operations Framework reflects our commitment to transparency, market confidence, and macroeconomic stability,” the statement said.
“By clarifying our objectives and processes, we aim to strengthen resilience while preserving the flexibility of Ghana’s exchange rate regime.”
