The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has announced plans to create a more efficient, transparent, and liquid foreign exchange (FX) market. This initiative aims to strengthen Ghana’s currency stability and support economic growth amid global uncertainties.

Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting in Accra on Tuesday, Dr. Asiama highlighted the central bank’s commitment to expanding the use of forward contracts while encouraging the development of a basic derivatives market.

These efforts, he said, are designed to provide businesses with the tools to effectively hedge currency risks.

“We must build a more efficient, transparent, and liquid FX market,” Dr. Asiama stated. “In this direction, the Bank of Ghana will continue expanding its efforts in forwards while encouraging the development of a derivatives market—one that allows businesses to hedge currency risks.”

He urged financial institutions and corporate entities to adopt hedging instruments such as swaps and forwards to better manage their foreign exchange exposure.

“We encourage financial institutions and corporates to explore hedging instruments such as swaps and forwards to better manage forex exposure than what we are doing now,” Dr. Asiama added.

The Governor explained that these financial tools are vital not only for mitigating risks but also for deepening market sophistication and reducing panic-driven volatility.

“These tools are not only risk mitigators; they deepen market sophistication and help reduce panic-driven volatility,” he emphasized.