The Bank of Ghana (BoG) has instructed mining firms to channel their foreign exchange (FX) inflows through commercial banks, in a policy shift aimed at deepening liquidity in the interbank market and easing pressure on the cedi.
Confirming the directive in an interview with JoyBusiness, BoG Governor Dr. Johnson Asiama said the move was part of broader reforms to strengthen FX availability.
“We are hoping that this will provide additional forex support to the commercial banks in addition to what the Bank of Ghana will do,” he explained.
Previously, inflows from the mining sector were received directly by the central bank. However, Dr. Asiama said current conditions demanded a restructuring of the mechanism to ensure commercial banks have stronger access to forex resources.
The Governor further disclosed that the central bank was closely monitoring the growing use of cryptocurrency and offshore settlement models by some payment service providers—practices he warned could undermine the stability of the local currency.
“While innovation is welcome, such practices must not weaken the cedi. The assurance here is that these practices will be stopped,” he stressed, adding that the BoG will issue a regulatory framework for virtual assets and digital finance before the end of the year.
On remittance inflows, Dr. Asiama revealed that fresh guidelines had been introduced to improve transparency and ensure proper accounting. “Going forward, the Bank of Ghana will be requiring more frequent and detailed reporting from these entities to identify the use of improper channels,” he noted.
He also cautioned the public and businesses against speculative activity, which he described as a key driver of volatility in the currency market.
“Like any currency, it will fluctuate, but we must avoid turning these movements into a self-fulfilling prophecy, where every small shift drives fear and speculation, which leads to larger movements. Speculators and bad actors will not win. The distortions are temporary and are being corrected,” he emphasized.
Dr. Asiama reassured businesses and households that the central bank remains committed to ensuring foreign exchange is accessible through the formal banking system.
“We are streamlining these processes so that they don’t need to turn to informal markets for support,” he affirmed.
The measures, analysts say, mark a clear attempt by the central bank to strengthen market confidence, modernize regulation, and reassert control over emerging risks in Ghana’s evolving financial ecosystem.
