ACCRA, Ghana — Ghana's foreign exchange policy has come under fresh public scrutiny following concerns over restricted media access to proceedings discussing the Bank of Ghana's (BoG) foreign exchange operations. The issue has reignited conversations about transparency, accountability and the public's right to information on decisions that could shape the country's economic future.
The debate intensified after former Information Minister and Ranking Member on Parliament's Economy and Development Committee, Kojo Oppong Nkrumah, questioned why journalists were reportedly denied access to proceedings involving key economic matters.
In a social media post, he suggested that Ghanaians deserved to know what was being discussed, asking why the media was being prevented from reporting proceedings that concern the country's financial management.
His comments have drawn widespread attention, particularly after details emerged about the Bank of Ghana's significant shift in managing the foreign exchange market.
BoG Ends Direct Foreign Exchange Interventions
Information contained in documents discussed during the proceedings indicates that the Bank of Ghana has not carried out direct foreign exchange market interventions since August 2024.
Traditionally, the central bank supported the cedi by injecting foreign currency into the market during periods of heightened volatility. However, under its new operational framework, the BoG has moved away from relying on direct interventions funded by its international reserves.
Instead, it has adopted a foreign exchange intermediation model anchored on the Domestic Gold Purchase Programme (DGPP), a strategy intended to preserve the country's foreign reserves while ensuring liquidity within the foreign exchange market.
How the Gold-Backed FX Framework Works
Under the revised system, the Bank of Ghana purchases gold locally and uses the value of those purchases to facilitate foreign exchange operations.
The central bank converts cedi proceeds generated through foreign exchange forward auctions into foreign currency by leveraging the gold acquired under the Domestic Gold Purchase Programme.
This approach centralizes foreign exchange flows that were previously managed by private gold exporters and provides an alternative source of foreign exchange without placing additional pressure on Ghana's reserve holdings.
The documents also reveal that foreign exchange purchases from mining, oil and gas companies continued until September 1, 2025, after which those transactions were transferred to commercial banks under a three-month pilot programme aimed at improving market liquidity.
A Rule-Based, Market-Driven Approach
The Bank of Ghana's new framework places greater emphasis on market forces in determining exchange rates.
Rather than attempting to fix the value of the cedi, the central bank now focuses on reducing excessive short-term volatility while allowing demand and supply to influence currency movements.
Foreign exchange is supplied through market-neutral spot auctions, with the Bank acting as an intermediary rather than directly controlling exchange rate outcomes.
The framework was officially announced in November 2025 as part of broader reforms designed to modernize Ghana's foreign exchange market.
More Than US$10.36 Billion Processed in One Year
One of the most striking details emerging from the discussions is the scale of transactions conducted under the new framework.
Between January 7 and December 31, 2025, the Bank of Ghana reportedly intermediated more than US$10.36 billion in foreign exchange transactions through the Domestic Gold Purchase Programme.
The substantial volume highlights the growing role of the programme in supporting Ghana's foreign exchange market and explains why many stakeholders are demanding greater public disclosure regarding its operations.
Calls for Greater Transparency
The reported restriction of media access has become a major point of contention.
Critics argue that discussions involving billions of dollars in foreign exchange transactions should be open to public scrutiny, especially when such policies have direct implications for inflation, investment, business confidence and the stability of the cedi.
Supporters of greater transparency believe unrestricted media coverage would strengthen public confidence by ensuring citizens receive timely and accurate information about major economic decisions.
What It Means for Ghanaians
Although foreign exchange policy often appears technical, its impact is felt across the country.
The value of the cedi influences the prices of imported goods, fuel, medicines, construction materials, agricultural inputs and transportation costs.
For businesses and households in the Savannah Region, where agriculture, commerce and transport play significant roles in the local economy, exchange rate stability can directly affect the cost of fertilizers, farm equipment, fuel and other essential goods.
Many economists believe preserving foreign reserves through gold-backed foreign exchange operations could strengthen Ghana's long-term economic resilience. However, others maintain that public confidence in the reforms will depend not only on their effectiveness but also on the level of transparency surrounding their implementation.
As discussions continue, the debate has expanded beyond monetary policy to include broader questions about accountability, access to information and the role of the media in informing the public on issues of national importance.
What do you think about the Bank of Ghana's new foreign exchange strategy and the calls for greater transparency? Share your views in the comments, share this article with your network, and follow Global Pulse GH for credible, timely and in-depth news updates from Ghana and beyond.
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