We want to focus on reserve build-up, while Goldbod supports with intermediation – BoG Governor on FX support role
Bank of Ghana (BoG) Governor, Dr Johnson Asiama, has dismissed suggestions that the central bank has handed over its foreign exchange market responsibilities to Goldbod, saying it remains ready to intervene when necessary to maintain stability. He said the Bank’s focus on building reserves, with Goldbod supporting foreign exchange intermediation and market supply, did not […]
Bank of Ghana Governor Dr Johnson Asiama has clarified that the central bank has not relinquished its responsibilities in the foreign exchange market to Goldbod. He emphasized that the Bank remains prepared to intervene to maintain stability, and that Goldbod's role is to support foreign exchange intermediation and market supply.
Dr Asiama reiterated that the Bank's focus is on building reserves while Goldbod assists with FX intermediation and market intervention. Speaking at an event for institutional investors, brokers, and fund managers, the Governor addressed concerns about the respective roles of the Bank of Ghana and Goldbod in the foreign exchange market.
He explained that Goldbod's involvement is meant to complement the Bank's efforts, not replace them. During the event, Goldbod had sold US$452 million to commercial banks through its GoFX platform, with plans to generate about US$1.5 billion in October. Of this, US$1 billion would be sold to commercial banks, and US$500 million would be transferred to the Bank of Ghana to bolster reserves.
The Bank of Ghana has assured investors that it remains ready to intervene if market conditions threaten stability, while preserving exchange rate flexibility.
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