Bank of Ghana says it is streamlining cedi-related offshore transactions to improve FX inflows
Governor Asiama
The Bank of Ghana has outlined measures it is taking to maintain the stability of the Ghana cedi and manage exchange rate pressures in 2026.
The BoG said that it is taking a multi-pronged approach to maintain the stability of the Ghana cedi and manage exchange-rate pressures in 2026.
The first measure is Foreign exchange operations. The regulator said that it is providing liquidity to the market through sustained FX intermediation.
The other area is the Vostro account guidelines. It said it ” Streamlining cedi-related offshore transactions to improve FX inflows into the interbank market.”
The third is market monitoring and supervision. It said it is ensuring compliance and appropriate routing of remittances to support currency stability.
The fourth is Monetary policy and liquidity management: It said it is maintaining a prudent stance to reinforce overall FX market stability.
“These measures, and the implementation of GANRAP, which has been approved by Parliament, are expected to work together to smooth volatility, support investor confidence, and maintain orderly exchange rate conditions,” the BoG said in a statement.
The Bank of Ghana also announced that all banknotes and coins issued by the BoG, as the legal authority for currency issuance in Ghana, are legal tender and cannot be rejected in the settlement of transactions.
The central bank said that under the Currency Act, 1964 (Act 242), the refusal to accept such legal tender in everyday transactions is not permitted.
The rejection of lower-denomination coins, such as the one pesewa, five pesewas, and twenty pesewas, can result in the rounding up of prices and the imposition of higher minimum prices, which may undermine price stability.
At the same time, the BoG said, it is recognised that the practical use of very small denominations tends to decline over time as inflation reduces their purchasing power, leading to a gradual shift in demand towards higher denominations.
“While it is important to ensure that coins remain available in the system, the key issue is public acceptance and compliance with legal tender requirements.,” it said in a statement.
The Bank said it will therefore continue to intensify public education and stakeholder engagement, particularly with traders, transport operators, and market associations, to reinforce the obligation to accept all legal tender.
In addition, the Bank said it will work closely with financial institutions to support the effective
distribution and recirculation of coins within the economy, while encouraging pricing practices that allow the use of appropriate denominations in everyday transactions.
“Through these measures, the Bank aims to maintain the efficient circulation of coins, prevent unnecessary price rounding, and safeguard transaction efficiency and price stability.,” it said.
Source: | 3News by Laud Nartey
