The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has revealed that the central bank did not undertake any direct foreign exchange (FX) market interventions between August 2024 and December 2025, insisting that its current foreign exchange operations are not financed from the country's reserves.

Instead, the Governor said the Bank has relied on the Domestic Gold Purchase Programme to facilitate foreign exchange intermediation, converting cedi proceeds from FX forward auctions into foreign currency through gold purchases.

According to him, the arrangement has enabled the central bank to channel foreign exchange previously supplied by independent gold exporters back into the market through GoldBod operations.

Dr Asiama explained that the current framework was introduced on November 11, 2025, under the Bank of Ghana's New Foreign Exchange Operations Framework.

He added that while foreign exchange from mining, oil and gas companies also supported market liquidity for part of the year, those purchases were discontinued on September 1, 2025, and transferred to commercial banks on a three-month pilot basis to deepen market liquidity.

He further noted that the Bank's foreign exchange policy is based on market principles designed to minimise excessive short-term volatility without fixing exchange rates.

Dr Asiama also disclosed that the central bank conducts spot foreign exchange auctions in a market-neutral manner without charging fees or influencing exchange rate pricing.

Responding to questions submitted by Parliament during a closed-door briefing on Wednesday, July 15, Dr Asiama stated: "Since August 2024, the Bank of Ghana has not undertaken direct FX market interventions, as its FX operations do not draw on the central bank's reserves. Instead, FX intermediation has been executed through the Domestic Gold Purchase Programme, converting Ghana cedis from FX forward auctions into forex via gold purchases."

He added: "The Bank of Ghana foreign exchange framework emphasises a rule-based approach that allows exchange rates to be determined by market forces while limiting excessive short-term volatility but not eliminating it."

The Governor also disclosed that the Bank of Ghana intermediated export foreign exchange flows amounting to US$10.36 billion through the Domestic Gold Purchase Programme between January 7 and December 31, 2025.

The briefing took place behind closed doors after First Deputy Speaker Bernard Ahiafor ruled that the proceedings would not be open to the media.

The Minority opposed the decision, arguing that the Governor's responses concerned matters of significant public interest and should have been heard in an open parliamentary sitting.