Bank of Ghana moves to reform Forex Market, not merely target black market — Governor
14th October 2025
Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has clarified that the central bank’s focus is not on directly combating the black market but on implementing fundamental reforms to make Ghana’s foreign exchange (forex) system more efficient and transparent.
Speaking at the 126th Monetary Policy Committee (MPC) press conference in Accra, Dr. Asiama said the Bank’s approach is guided by “first principles,” aimed at addressing the structural factors that make the parallel market attractive.
“We have acknowledged the need for comprehensive reforms in the foreign exchange market. That is precisely what we are undertaking. The goal is to create a more efficient and transparent system that reduces the incentive to engage with the parallel market,” he stated.
When asked how the Bank intends to change market behaviour amid the continued operations of forex traders and the public’s preference for holding physical dollars, Dr. Asiama explained that the Ministry of Finance is working closely with the central bank to close loopholes and improve regulatory coordination.
He noted that there have been instances where funds were transferred abroad without corresponding imports, stressing that data confirms such abuses.
“A key part of the solution lies in improving visibility and coordination among regulators. Once that visibility is fully established, it will become increasingly difficult for individuals to use informal channels for trade-related transfers,” he said.
Dr. Asiama added that the Ghana Revenue Authority (GRA) will now require proof of legitimate payments when goods arrive in the country — a move expected to discourage importers from using black market forex.
“If that payment was made through the black market, the importer may struggle to provide legitimate documentation,” he cautioned.
The Governor emphasized that progress is being made, revealing that all foreign exchange requests submitted by the 23 commercial banks as of September 16, 2025, were fully met — a trend that has been consistent in recent weeks.
“We aim to encourage a return to the formal banking system for forex needs, and we are actively supporting importers who transact through licensed banks,” he said.
Dr. Asiama reaffirmed the Bank’s commitment to ensuring that Ghana’s foreign exchange market operates efficiently, transparently, and sustainably, expressing confidence that the ongoing reforms will deliver long-term stability and reduce reliance on the black market.