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Dr Johnson Asiama, the Bank of Ghana (BoG), has revealed that in October 2025 that the central bank will begin foreign exchange (FX) intermediation under its Domestic Gold Purchase Programme.
According to the central bank, it plans to sell up to $1.15 billion to the market.
The Central Bank revealed the sales will be conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks.
The Governor of the BoG, Dr Johnson Asiama, highlighted that there will be no special conditions or earmarked allocations.
Speaking at a meeting with heads of commercial banks in Accra, the Governor of the BoG, Dr Johnson Asiama, stated, “Beginning October 2025, the Bank of Ghana will commence foreign exchange (FX) intermediation under the Domestic Gold Purchase Programme, with plans to sell up to US$1.15 billion for the month.
These sales will be conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks,” he said.
The move is to deepen the interbank FX market, improve price discovery, and stabilise the cedi.
The Domestic Gold Purchase Programme is part of the BoG’s broader strategy to reduce reliance on foreign currency and support long-term exchange rate stability.
Meanwhile, the cedi has been ranked the 4th strongest in Africa by Forbes.
The recent data from the Forbes currency calculator indicates that the Ghana cedi gained 21% against the Dollar in September, according to a new Forbes ranking.
The Tunisian dinar leads the ranking for the month, followed by the Libyan dinar in second place and the Moroccan dirham in third place.
As of September 26, 2025, the dollar was selling at GH¢12.35, the pound at GH¢16.48, and the euro at GH¢14.42 on the interbank exchange market.
In related news. Dr Johnson Asiama, the Bank of Ghana Governor, has said the Ghana cedi still remains one of the best-performing currencies globally despite the slowdown in remittance inflows.
The BoG Governor highlighted that remittances have not been as strong as in previous periods, but the impact on the cedi’s performance has been confined.
According to Dr Johnson Asiama, the resilience of the cedi is attributed to the sound monetary policy, improved foreign-exchange reserves and tighter regulatory oversight.
Speaking at the opening of the Monetary Policy Committee meeting on September 15, 2025, Dr Johnson Asiama explained, “Despite the seasonal pressures and a slowdown in remittance inflows in recent weeks, the cedi remains one of the strongest currencies globally. Year-to-date, it has appreciated by about 21% as of September 12”.
“External buffers have strengthened. For the first eight months of the year, Ghana recorded a trade surplus of US$6.2 billion, underpinned by robust gold exports and higher cocoa receipts. Gross international reserves stood at US$10.7 billion in August, covering about 4½ months of imports”, he added.
Dr Johnson Asiama added that the cedi is performing alongside other currencies like the Russian ruble, Swedish krona, Norwegian krone, Swiss franc, euro and the British pound.
However, Renowned economist Professor Godfred Bokpin has predicted that the Ghana cedi is likely to end 2025 stabilising between GH₵13.5 and GH₵14 per U.S. dollar.
According to Professor Bokpin, the recent volatility of the cedi is a natural market phenomenon.
He called on Ghanaians to be calm and focus on the nation’s economic fundamentals.
Speaking in an interview on Joy FM today, September 16, Professor Bokpin stated, “We have our peak period and then we have our low period as well. In the peak period, when we experience what we call cash flow mismatch in terms of inflows and then outflows…businesses would import in anticipation of Christmas and all of that. So the demand will pick up.”
“If you look at the average rate in the bank and you compare that to the forex bureau and then, of course, the outer layer black market, the divergence is too wide”, he said.