BoG to Begin $1.1bn FX Intermediation Under Domestic Gold Purchase Programme this October
The Bank of Ghana (BoG) will from this month – October 2025 – commence foreign exchange (FX) intermediation under its Domestic Gold Purchase Programme as part of efforts to enhance market transparency and deepen interbank FX activity.
Governor of the Central Bank, Dr Johnson Asiama, disclosed that under the new arrangement, the Bank plans to sell up to US$1.15 billion in October through twice-weekly, price-competitive spot auctions open to all licensed banks.
“There will be no conditions or earmarking for allocations, ensuring a level playing field and transparent access to the market,” Dr Asiama stated during a post-Monetary Policy Committee (MPC) press briefing on Tuesday, October 7, 2025.
He added that auction volumes may be reviewed in response to evolving market conditions. However, the overarching objective remains to “deepen the interbank FX market, enhance price discovery, and smooth volatility.”
Dr Asiama reaffirmed the Bank’s commitment to transparency, stressing that all FX market operations and outcomes will be disclosed in line with international best practices.
On inflation, the Governor noted continued progress in price stability, with headline inflation falling to 9.4 percent in September 2025, the first single-digit reading in four years and the ninth consecutive month of decline.
He indicated that food inflation eased sharply to 11 percent, while non-food inflation moderated to 8.2 percent, attributing the trend to consistent monetary policy, prudent liquidity management, and fiscal consolidation.
“The return to single-digit inflation marks a new chapter in Ghana’s economic recovery, but it is not the end of the story,” Dr Asiama remarked. “Our collective responsibility now is to sustain discipline, strengthen the financial system, and ensure that stability translates into jobs, affordable credit, and real growth for households and businesses.”
