Bank of Ghana issues guidelines for FX forward auctions on interbank market
On 16 October 2026 the Bank of Ghana published formal guidelines to govern FX forward auctions on the interbank foreign-exchange market, establishing a forward-auction allocation mechanism for GHS/USD and other FX forwards that will govern interbank FX price discovery and allocation going forward.
The desk brief
On 16 October 2026 the Bank of Ghana published formal guidelines to govern FX forward auctions on the interbank foreign-exchange market, establishing a forward-auction allocation mechanism for GHS/USD and other FX forwards that will govern interbank FX price discovery and allocation going forward.
The guidelines institutionalise a market mechanism for forward FX allocation and could improve price discovery and hedging availability, which would help local banks and corporates assess and manage currency risk on external-debt exposures. The immediate impact is conditional on auction frequency, participation, and execution; absent effective liquidity the policy may not materially lower local-currency external-debt servicing risk.
BOG publishes the timetable and results of its first forward FX auction (date to be announced).
Sources & verification
Developing storyFurther independent confirmation is required.
Public references supporting this brief.
Price Discovery
Ghana sovereign curve
Latest server-calculated mid yield by maturity. Points are observed Price Discovery levels, not an interpolated valuation curve.
- Ghana 29Jul 202997.0007.438%
- Ghana 30Jan 203088.7507.374%
- Ghana 35Jul 203588.1258.224%
- Ghana 37Jan 203754.6258.460%
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