The Bank of Ghana (BoG) has directed mining firms to channel their foreign exchange inflows through commercial banks, rather than directly to the central bank.
The directive, communicated to the mining companies this week, is part of measures to boost interbank forex trading and improve liquidity.
BoG Governor, Dr. Johnson Asiama, confirmed the move in an interview with JoyBusiness.
He explained that while such inflows had previously come directly to the central bank, current developments necessitated a shift.
“We are hoping that this will provide additional forex support to the commercial banks in addition to what the Bank of Ghana will do,” Dr. Asiama said.
He added that the measures were critical to improving forex liquidity while the Bank continues other interventions to ease pressure on the Ghana cedi.
Dr. Asiama also revealed that “some payment service providers have experimented with crypto and offshore settlement models,” a development which has prompted BoG to take steps towards a regulatory framework for virtual assets and digital finance by the end of the year.
“While innovation is welcome, such practices must not weaken the cedi. The assurance here is that these practices will be stopped,” he stressed.
On remittances, the Governor said recent guidelines were introduced to ensure transparency and proper accounting of inflows.
“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 stated.
Dr. Asiama cautioned against speculation on currency movements, saying: “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.”
For businesses and households concerned about recent developments, he assured that the central bank will continue to make foreign exchange accessible through the formal banking and licensing system.
“We are streamlining these processes so that they don’t need to turn to informal markets for support,” the Governor affirmed.