The International Monetary Fund (IMF)
The International Monetary Fund (IMF) has revealed that Ghana still enforces measures that result in multiple currency practices (MCPs), cautioning that these distortions may hinder the growth and efficiency of the country’s foreign exchange (FX) market.
In its most recent Staff Report on Ghana, the IMF highlighted several factors sustaining the presence of MCPs.
These include the application of prior-day Bank of Ghana (BoG) reference rates with added fees for direct FX transactions with the government, as well as similar structures used in cocoa-related FX surrender requirements.
The IMF also cited the BoG’s requirement for banks to use Bloomberg’s opening regional bid rate for inward remittances, exchange rates arising from multiple-price forward US dollar auctions, and single-price forward FX auctions conducted to sell dollars to Bulk Oil Distribution Companies (BDCs).
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According to the Fund, unauthorized spreads linked to these practices appeared on various dates in 2025.
The most recent instances were recorded on October 16 for transactions related to inward remittances, October 15 for foreign exchange dealings between the BoG and the government, September 3, 2025, for cocoa export–related FX surrender requirements, August 28 for multiple-price forward auctions, and April 24, 2025, for FX purchases from extractive firms.
“These MCPs are likely to generate economic distortions and hamper FX market development. The government and central bank authorities have reiterated their commitment to eliminating the remaining MCPs through reforms recommended by Fund staff,” it said.
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