Redirect FX inflows to commercial banks-BoG to mining firms

The Bank of Ghana (BoG) has instructed mining companies operating in the country to channel their foreign exchange inflows through commercial banks rather than remitting them directly to the central bank.

According to Governor Dr. Johnson Asiama, the move is aimed at strengthening the interbank foreign exchange market and boosting liquidity.

Previously, forex inflows from mining firms were routed straight to the BoG. However, the Governor explained that current market conditions demand a change in approach to spread liquidity more evenly across the financial system.

He said the measure is one of several interventions designed to ease pressure on the Ghana cedi and stabilise exchange rate volatility.

Dr. Asiama also disclosed that some payment service providers had been experimenting with cryptocurrency-based and offshore settlement models — practices which he cautioned could undermine the cedi if left unchecked.

On international remittances, the Governor revealed that new guidelines have been issued to improve transparency and accountability. Firms will now be required to submit more frequent and detailed reports to help the central bank detect the use of improper or informal channels.

Dr. Asiama further warned against speculative trading on the cedi, urging businesses and the public not to fuel unnecessary panic:

He emphasised that the BoG is committed to ensuring stable access to foreign exchange through commercial banks and licensed operators.