Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has said that the central bank is not using its reserves in its foreign exchange interventions.
Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting, Dr. Johnson Asiama explained that the interventions are backed by sustainable inflows, particularly from GoldBod earnings.
His comments come on the back of a recent International Monetary Fund (IMF) data showing interventions totalling $1.4 billion in the first quarter of 2025.
The Governor has meanwhile called for greater reliance on official central bank data in assessing the sustainability of the Cedi’s performance.
He further expressed concern over the tendency for black market rates to drive public sentiment, often in contradiction with macroeconomic indicators published by the central bank.
Talking about our interventions, many people don’t understand what we do. We ensure that we are not using our reserves to support the market or whatever it is. But you know about the gold for reserves program. Formerly, the gold business, for example, those export revenues used to accrue to commercial banks, but under the GoldBod arrangement, currently, those flows are accruing to the Central Bank. So it makes sense to support the market. Where is the sin in this?
“We have to support the market because it is as though we have taken over flows that we are going to the market anyway, and so that is what we do. My point is, look at the data. Read about external sector performance. Look at projections going forward, and that should inform whether it will be sustainable or not,” he said.
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