The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, says the central bank’s interventions in the foreign exchange market are guided by a clear, rules-based framework and are not undertaken at the Governor’s discretion.
He explained that the framework, introduced last year, provides defined conditions for when the Bank of Ghana should intervene in the foreign exchange market.
Speaking at the 132nd MPC press briefing Dr Asiama said, the framework is designed to guide the Bank’s operations while allowing market forces to determine the exchange rate.
“It’s not for me to just get up and say intervene. No. It’s a clear rules-based system that we use to determine when we need to intervene,” he said.
The Governor noted that the framework has three key segments: reserve accumulation, intervention and intermediation.
He said the Bank is currently working to transition the framework, with the Ghana Gold Board (GoldBod) expected to play a greater role in the intermediation segment.
“We are in touch with Gold Board trying to perfect that new framework. And when we are ready, when it is done, we will communicate this to the market,” Dr Asiama said.
He assured market participants that the Bank of Ghana will continue to perform its intervention role, but stressed that its primary objective remains building adequate foreign exchange reserves.
“Our prime objective is to build adequate reserves at all times, because that is what supports our resilience as a country,” he added.
The Governor’s comments come as the Bank continues to manage foreign exchange market conditions under its new FX operations framework.
The framework, introduced in November 2025, emphasises a rules-based approach that allows exchange rates to be determined by market forces while seeking to limit excessive short-term volatility.
Dr Asiama has previously disclosed that the Bank did not undertake direct FX market interventions between August 2024 and December 2025, with foreign exchange intermediation instead supported through the Domestic Gold Purchase Programme.
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