The Bank of Ghana (BOG) Board has approved a new Foreign Exchange Operations (FX) Framework, which the central bank says was "designed to clarify the objectives and principles guiding the BOG’s FX operations".

A statement issued by BoG's communications department on November 11, 2025,  explained, "This framework reinforces BOG’s commitment to maintaining macroeconomic stability under its inflation-targeting mandate and a flexible exchange rate regime, where the exchange rate remains market-determined."

The Dr Johnson Pandit Asiama-led bank said that under the new framework, BoG’s FX operations will pursue three key objectives, in the following order:

- The bank will support reserve accumulation to provide a buffer against external vulnerabilities.

- The bank will act to dampen excessive short-term volatility in the foreign exchange market, responding to disorderly conditions without undermining exchange rate flexibility.

- The bank will intermediate FX flows in a market-neutral manner, using inflows from sources such as the Gold Purchase Programme, or other export surrender requirements.

"This means that the BOG will channel FX inflows into the market in an orderly and transparent way without influencing the exchange rate trend," the bank noted.

BoG said this new framework emphasised a rule-based approach that allowed exchange rates to be determined by market forces while limiting excessive short-term volatility — but not eliminating it.

"FX interventions will follow a structured discretion-under-constraint approach, ensuring that interventions do not target a specific exchange rate level but rather address market failures, such as the absence of hedging solutions for tail risks," the statement continued.

"Reserve accumulation and intermediation objectives will be achieved through transparent and well-communicated operations. FX operations will be conducted through competitive, variable-rate, fixed-amount auctions."

The bank highlighted that "transparency is a cornerstone of the new framework".

The bank explained, "Auction amounts will be announced in advance, and results will be published on the same day.

"Twice-weekly, FX operations for flow intermediation will be pre-announced at the beginning of each month, while interventions to dampen excessive short-term volatility will be announced either on the same day or one day prior to execution.

"Additionally, BOG will publish aggregated monthly FX operations data, clearly distinguishing between operational objectives, within five business days after the end of each month on its website.

"This breakdown will help market participants and the public understand the intent behind BOG’s actions and strengthen transparency and accountability."

Bank of Ghana said its new FX Operations Framework reflected its commitment to "transparency, market confidence, and macroeconomic stability".

"By clarifying our objectives and processes, we aim to strengthen resilience while preserving the flexibility of Ghana’s exchange rate regime," the statement ended.