ForeXistenZ › Central banks › BOG
Bank of Ghana (BOG)
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Ghana’s central bank — buying domestic gold to strengthen the cedi.
How the BOG moves the GHS
A central bank sets the interest rate on its currency. Traders compare that rate with the rates of other central banks; the wider the gap, the stronger the pull of money towards the higher-yielding currency. That is why the minutes before a BOG decision are among the most volatile of the month for the GHS. Book I and Book II of the ForeXistenZ trilogy show how to prepare for these days — and when to stay out.
Frequently asked
What does the Bank of Ghana do?
Ghana’s central bank — buying domestic gold to strengthen the cedi.
Where is the Bank of Ghana?
The Bank of Ghana (BOG) is in Accra, Ghana.
Why do forex traders watch the BOG?
Interest rates are the price of a currency. When the BOG raises or cuts rates — or only hints at it — money moves into or out of the GHS, and GHS reacts within seconds.
Where are the BOG’s decisions published?
Official decisions, statements and the meeting calendar are published on https://www.bog.gov.gh.
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Other central banks
CBNCentral Bank of Nigeria
Abuja, Nigeria — Manages the naira for Africa’s most populous country.
SNBSwiss National Bank
Zurich / Bern, Switzerland — Guardian of the Swiss franc, the safe haven the market runs to when fear rises.
SARBSouth African Reserve Bank
Pretoria, South Africa — Manages the rand, one of the most liquid emerging-market currencies.
BOIBank of Israel
Jerusalem, Israel — Manages the shekel.
ECBEuropean Central Bank
Frankfurt, Euro area — Runs monetary policy for the twenty countries of the euro, the world’s second reserve currency.
BOEBank of England
London, United Kingdom — The Old Lady of Threadneedle Street — sets UK rates and guards one of the largest gold vaults on Earth.