BoG introduces new methodology for computing FX Market Reference Rate

The Bank of Ghana (BoG) has introduced a new methodology for calculating its Foreign Exchange (FX) Market Reference Rate (MRR) to better reflect market conditions. The updated approach includes data from daily US$/GH₵ transactions between banks and clients.

Banks submit transaction data for deals worth $10,000 or more by 3:30 pm daily, covering interbank and client deals. This data is used to compute the weighted median exchange rate, published as the day's closing rate.

The change aligns with the International Organization of Securities Commissions (IOSCO) Principles of Financial Benchmarks.