{"id":91694,"date":"2025-08-28T04:08:00","date_gmt":"2025-08-28T04:08:00","guid":{"rendered":"https:\/\/sotnews.agency\/?p=91694"},"modified":"2025-08-28T04:08:00","modified_gmt":"2025-08-28T04:08:00","slug":"bog-directs-mining-firms-to-redirect-fx-inflows-to-commercial-banks","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=91694","title":{"rendered":"BoG directs mining firms to redirect FX inflows to commercial banks"},"content":{"rendered":"
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The Bank of Ghana (BoG) has directed mining firms to channel their foreign exchange inflows through commercial banks, rather than directly to the central bank.<\/p>\n

The directive, communicated to the mining companies this week, is part of measures to boost interbank forex trading and improve liquidity.<\/p>\n

BoG Governor, Dr. Johnson Asiama, confirmed the move in an interview with JoyBusiness. <\/p>\n

He explained that while such inflows had previously come directly to the central bank, current developments necessitated a shift.<\/p>\n

\u201cWe are hoping that this will provide additional forex support to the commercial banks in addition to what the Bank of Ghana will do,\u201d Dr. Asiama said. <\/p>\n

He added that the measures were critical to improving forex liquidity while the Bank continues other interventions to ease pressure on the Ghana cedi.<\/p>\n

Dr. Asiama also revealed that \u201csome payment service providers have experimented with crypto and offshore settlement models,\u201d a development which has prompted BoG to take steps towards a regulatory framework for virtual assets and digital finance by the end of the year.<\/p>\n

\u201cWhile innovation is welcome, such practices must not weaken the cedi. The assurance here is that these practices will be stopped,\u201d he stressed.<\/p>\n

On remittances, the Governor said recent guidelines were introduced to ensure transparency and proper accounting of inflows. <\/p>\n

\u201cGoing forward, the Bank of Ghana will be requiring more frequent and detailed reporting from these entities to identify the use of improper channels,\u201d he stated.<\/p>\n

Dr. Asiama cautioned against speculation on currency movements, saying: \u201cLike any currency, it will fluctuate, but we must avoid turning these movements into a self-fulfilling prophecy, where every small shift drives fear and speculation, which leads to larger movements. <\/p>\n

\u201cSpeculators and bad actors will not win. The distortions are temporary and are being corrected.\u201d<\/p>\n

For businesses and households concerned about recent developments, he assured that the central bank will continue to make foreign exchange accessible through the formal banking and licensing system.<\/p>\n

\u201cWe are streamlining these processes so that they don\u2019t need to turn to informal markets for support,\u201d the Governor affirmed.<\/p>\n<\/div>\n

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\"BoGThe Bank of Ghana (BoG) has directed mining firms to channel their foreign exchange inflows through commercial banks, rather than directly to the central bank.<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1491,1904,7462,1978,1969,2004,7463,1883,10,9],"tags":[],"class_list":["post-91694","post","type-post","status-publish","format-standard","hentry","category-bank-of-ghana-bog","category-banking-and-finance","category-commercial-banks","category-hp-business-1","category-hp-news-3","category-mining","category-mining-firms","category-national","category-politics","category-popular"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/91694","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=91694"}],"version-history":[{"count":0,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/91694\/revisions"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=91694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=91694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=91694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}