The Bank of Ghana has suspended the proposed 0.75% mobile wallet-to-bank transfer fee, absorbed GH¢13.83 billion through its latest 14-day bill auction, and confirmed that the Gold Board injected roughly $500 million into commercial banks in October alone.
The Bank of Ghana (BoG) has released several major policy updates and regulatory directives. The central bank has heavily scaled up its liquidity tightening operations and clarified its foreign exchange (FX) intervention framework under its updated reserve strategy.
FX Market Interventions & the Gold Board’s Role
Following recent market speculation, Governor Dr. Johnson Pandit Asiama clarified that the central bank has not abandoned its forex intermediation or market intervention roles.
📢 GET A DETAILED ARTICLES + JOBS
Join ASJ's WhatsApp Channel and never miss a post or opportunity.
The Gold Board (GoldBod) Partnership: The central bank confirmed that GoldBod is playing a complementary role rather than substituting the BoG. In October alone, GoldBod injected roughly $500 million** into commercial banks via the GOFX platform, aiming for a total target of **$1.5 billion by the end of the month.
Gold-for-Reserves Acceleration: Large-scale mining firms in Ghana are now legally committed to selling up to 30% of their total produce directly to the central bank (up from 20%). This has driven gross international reserves to **over $12 billion** as of October, with a target to hit **15 months of import cover** ($9 billion annually) by the end of 2028.
Cedi Performance: The Governor described the recent depreciation pressure on the Ghanaian Cedi as a “marginal blip” that will normalize quickly due to the influx of gold export receipts.
Massive GH¢13.83 Billion Liquidity Mopping
The BoG has aggressively stepped up its short-term open market operations to control inflation expectations and manage excess liquidity within the banking sector:
-
The Bill Auction: The central bank absorbed a massive GH¢13.83 billion from the financial system solely through its latest 14-day bill auction.
-
Volume Surge: This single transaction volume is 53.5% higher than the previous week’s auction, bringing total combined gross sales of 14-day bills to GH¢33.36 billion across October’s operations to heavily stabilize money market conditions.
Suspension of Mobile Wallet-to-Bank Transfer Fee
In a major regulatory directive, the Bank of Ghana announced the immediate suspension of the proposed 0.75% Wallet-to-Bank transfer fee.
The Reason: The central bank halted the implementation of this mobile financial service tariff pending further cross-industry stakeholder consultations, protecting retail digital consumers from immediate transaction price spikes.
Regulatory Frameworks & Sustainable Finance
-
Ghana Sustainable Finance Roadmap: The BoG, alongside the National Insurance Commission (NIC) and the Securities and Exchange Commission (SEC), finalized and published the Ghana Sustainable Finance Roadmap Review to mandate ESG compliance across commercial bank lending structures.
-
Strict Export Proceeds Repatriation: Second Deputy Governor Mrs. Matilda Asante-Asiedu issued a stern directive to local exporters regarding the revised Letters of Commitment (LOC) guidelines. The central bank mandates that 100% of merchandise export proceeds must be repatriated back through local commercial banks to sustainably cushion the nation’s balance of payments.
Summary of Central Bank Operational Baseline
| Policy Indicator | Current Operational Level / Status |
|---|---|
| Monetary Policy Rate | Maintained at 14.0% |
| Gross Foreign Reserves | Over $12 Billion (driven by 30% mining gold mandate) |
| Wallet-to-Bank Fee | Suspended pending further consultation |
| 14-Day Bill Absorption | GH¢13.83 Billion in latest single auction |
| GoldBod October Injection | ~$500 million (target $1.5 billion) |
| Export Proceeds Repatriation | 100% mandatory through local banks |
Source: Accra Street Journal
Last Updated on October 19, 2026 by Samuel Kwame Boadu
Disclaimer: Some content on Accra Street Journal may be aggregated, summarized, or edited from third-party sources for informational purposes. Images and media are used under fair use or royalty-free licenses. Accra Street Journal is a subsidiary of SamBoad Publishing Hub under SamBoad Business Group Ltd, registered in Ghana since 2014.
For concerns or inquiries, please visit our Privacy Policy or Contact Page.
Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
