IMF Backs Bank of Ghana’s New Forex Rules to Strengthen Cedi and Boost Market Transparency

The International Monetary Fund (IMF) has thrown its support behind the Bank of Ghana’s (BoG) newest foreign exchange regulations, calling them a move toward reinforcing the cedi’s position as Ghana’s exclusive legal tender while enhancing openness in the forex market.

During a press conference on Thursday, September 11, 2025, IMF Communications Director Julie Kozack stated that the measures are in line with wider initiatives to protect financial stability and uphold anti-money laundering (AML) protocols.

“The Bank of Ghana’s latest directives are intended to reinforce the role of the cedi as the sole legal tender in the country. They’re meant to tighten controls on foreign currency transactions and to promote formal channels for the provision of remittances and trade. And these are steps toward broader financial integrity, compliance with anti-money laundering rules, and broader transparency in the FX market,” she said.

The BoG’s policy, announced on August 20, 2025, instructs commercial banks to cease issuing foreign currency cash to large corporations unless such disbursements are fully supported by matching deposits.

According to the central bank, this measure aims to address a rising pattern in which bulk oil suppliers, mining firms, and other major businesses obtained foreign exchange without prior deposits—placing undue strain on the FX market and hindering efforts to stabilize the cedi.

This directive builds on a range of actions taken by the BoG over the past year, including more rigorous compliance inspections for forex bureaux, increased dollar auctions, and closer oversight of foreign currency accounts—all designed to reduce fluctuations in the exchange rate.

Market observers believe the IMF’s endorsement could bolster both investor trust and market confidence in Ghana’s currency management approach. Given that currency stability is regarded as a key pillar of Ghana’s ongoing economic recovery plan, the IMF’s approval signals global backing for the BoG’s firm approach to foreign exchange regulation.