Central bank pairs exchange-rate measures with broader regulatory crackdown as cedi holds near GH¢10.95
The Bank of Ghana (BoG) says it is tightening oversight of cedi-related offshore transactions as part of a coordinated effort to consolidate exchange-rate stability and improve foreign exchange inflows in 2026, Governor Dr. Johnson Pandit Asiama disclosed Monday.
The offshore transaction push forms one strand of a multi-pronged approach the central bank is deploying to defend gains made in 2025, when the cedi emerged as Africa’s best-performing currency, appreciating by more than 40 percent against the United States dollar, its first annual appreciation in more than three decades. As of late March 2026, the interbank exchange rate stands at around GH¢10.97 per dollar, having softened slightly from the GH¢10.45 recorded at year-end 2025.
Dr. Asiama this month denied that the central bank had set any official rate target, dismissing reports suggesting a fixed GH¢10 to GH¢12 per dollar range as speculation, and reiterating that the BoG follows a flexible exchange rate regime where the cedi’s value is largely determined by market forces.
The offshore transactions directive sits alongside a wave of regulatory actions the BoG has rolled out since late 2025. These include closer scrutiny of FX withdrawals, stricter licensing oversight for remittance companies, and tighter regulation of payment service providers experimenting with offshore models. Governor Asiama has publicly framed the approach around closing loopholes rather than imposing blunt restrictions, stating that the central bank is seeking to close gaps, tighten oversight, and enforce discipline, and that the goal is to ensure a level playing field where those who operate within the rules are protected.
On remittances, the BoG in January introduced new guidelines for International Money Transfer Operators (IMTOs). Under the framework, all remittance settlements must be made in Ghana cedis through designated settlement accounts held with universal banks, with foreign currency inflows converted into cedis on the same day using exchange rate benchmarks prescribed by the central bank. Ghana receives over six billion dollars annually in remittance inflows, making the sector a critical lever for FX supply.
The central bank has also moved to ensure mining sector proceeds flow through the formal banking system. Dr. Asiama confirmed that the BoG has written to mining firms directing them to route all inflows through commercial banks, with interbank FX market activity beginning to pick up as a result.
Complementing the BoG’s actions, Ghana’s Securities and Exchange Commission (SEC) in February moved to limit capital outflows by the fund management industry. Under that directive, local fund managers are now restricted to placing a maximum of 20 percent of funds under management in foreign securities, with previously unrestricted funds capped at 70 percent offshore exposure.
At the BoG’s most recent Monetary Policy Committee meeting, Governor Asiama highlighted that gross international reserves have risen to the equivalent of 5.7 months of import cover, supported by a current account surplus of 8.1 percent of gross domestic product and strong gold prices. The central bank’s April 2026 International Monetary Fund (IMF) programme review is expected to scrutinise the pace and sustainability of these gains.
