Policy Analyst, Steve Manteaw, has backed the decision by the Bank of Ghana to begin foreign exchange (FX) intermediation under its Domestic Gold Purchase Programme, with plans to sell up to US$1.15 billion to the market.
The Bank of Ghana (BoG) will in October 2025 begin foreign exchange (FX) intermediation under its Domestic Gold Purchase Programme, with plans to sell up to US$1.15 billion to the market.
According to the central bank, the sales will be conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks.
Speaking at a meeting with heads of commercial banks in Accra, Governor of the BoG, Dr. Johnson Asiama stressed that there will be no special conditions or earmarked allocations, ensuring fair and transparent access for all market participants.
“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.
Reacting to the development, Steve Manteaw believes it is a step in the right direction.
He argues that as long as Ghana exceeds its reserve target, it makes sense to go this route
His comment shared via social media read”Those raising alarm about BoG’s decision to offload some ‘gold-dollars onto the market, should note that the Saudis have not shored up their currency with chocolate but petro-dollars. It’s a balancing art. For as long as we exceed our reserve target, it makes sense to go this route”.
