BoG orders mining firms to channel forex transfers through commercial banks
By Solomon Nartey Tetteh
The Bank of Ghana (BoG) has directed all mining companies to channel their foreign exchange inflows through commercial banks instead of sending them directly to the central bank.
The new directive, communicated to the firms this week, forms part of efforts to strengthen interbank forex trading and boost liquidity.
Confirming the move in an interview, BoG Governor Dr Johnson Asiama explained that while such inflows had previously gone straight to the central bank, current developments required a change.
“We are hoping this will provide additional forex support to commercial banks, alongside what the Bank of Ghana is already doing,” Dr Asiama said.
He stressed that the measures are critical to improving liquidity and easing pressure on the Ghana cedi.
Dr Asiama also revealed that some payment service providers have been experimenting with cryptocurrency and offshore settlement models.
This trend, he noted, has prompted the BoG to begin work on a regulatory framework for virtual assets and digital finance by the end of the year.
“Innovation is welcome, but such practices must not weaken the cedi. The assurance here is that these practices will be stopped,” the BoG Governor cautioned.
On remittances, Dr Asiama said new guidelines had been rolled out to ensure transparency and proper accounting of inflows.
“Going forward, the Bank of Ghana will demand more frequent and detailed reporting from these entities to detect and stop the use of improper channels,” he stated.
Dr Asiama further cautioned against speculation on currency movements.
“Like any currency, the cedi will fluctuate. But we must avoid turning these movements into a self-fulfilling prophecy, where every small shift drives fear and speculation. Speculators and bad actors will not win. The distortions are temporary and are being corrected,” he stressed.
The BoG Governor assured that the central bank remains committed to making forex accessible through the formal banking and licensing system.
“We are streamlining processes so that people do not have to turn to informal markets for support,” Dr Asiama affirmed.
