FX interventions are rules-based, not discretionary-BoG

The Governor of the Bank of Ghana, Dr. Johnson Asiama, has clarified that the central bank's interventions in the foreign exchange market are determined by a strict, rules-based framework, not at the discretion of the Governor. He explained this during the 132nd Monetary Policy Committee press briefing. The framework, introduced last year, sets specific conditions for when the Bank of Ghana should intervene in the foreign exchange market.

Dr. Asiama emphasized that the framework, which includes reserve accumulation, intervention, and intermediation, is designed to guide the Bank's operations while allowing the market to set the exchange rate. He reiterated that the decision to intervene is not his alone; it is strictly guided by the rules-based system. The Bank is currently working on transitioning the framework, with the Ghana Gold Board expected to play a more significant role in the intermediation segment.

Dr. Asiama assured market participants that the Bank of Ghana will continue its intervention role, but stressed its primary objective is to maintain adequate foreign exchange reserves. The current framework, introduced in November 2025, aims to determine exchange rates by market forces while keeping excessive short-term volatility in check.

Dr. Asiama also previously mentioned that there were no direct foreign exchange market interventions between August 2024 and December 2025, with intermediation instead supported through the Domestic Gold Purchase Programme.