The Ghana Gold Board (GoldBod) has sold US$255 million to commercial banks through its GoFX platform as it steps up efforts to support dollar supply in the foreign exchange market. This move aims to complement the Bank of Ghana's efforts to improve the availability of foreign exchange for commercial banks. The sales are direct foreign exchange sales rather than auctions, with GoldBod selling dollars at a uniform rate for each sale.
The transactions were carried out on Tuesday and Thursday of last week, with US$130 million sold at a rate of GH¢11.77 to the dollar on Thursday, following a US$125 million sale on Tuesday. This brings the total sales to participating banks to US$255 million since the platform began operating at the start of October 2026. The sales were structured to promote transparency, fair access, and equitable allocation.
The additional dollar supply could help ease pressure on the Ghana cedi as businesses seek foreign exchange to finance imports ahead of the Christmas festivities. GoldBod earlier announced plans to sell US$1 billion to commercial banks in October to support stability in the foreign exchange market. The programme is expected to generate about US$1.5 billion in total, with US$1 billion to be sold to commercial banks and US$500 million to be transferred to the Bank of Ghana.
GoldBod's programme will operate under the Bank of Ghana's regulatory oversight, with the central bank having real-time access to the GoFX platform. GoldBod will submit transaction reports after each sale, and the platform supports electronic submission and allocation processing, time-stamping, transaction histories, and audit trails. These features are intended to strengthen transparency, accountability, and post-trade verification.
Under the new framework, GoldBod will sell foreign exchange twice a week, on Tuesdays and Thursdays, with participating banks submitting requests during a designated sales window. Where demand exceeds availability, allocations will be made on a pro-rata basis to ensure transparent and equitable distribution. Transactions will be settled on the same day, with the US dollar leg completed by 3 pm and the Ghana cedi leg by 4 pm.
Participating banks must declare that their requests are backed by actual unmet foreign exchange demand or evidence of a short position. They must also comply with Bank of Ghana regulations and directives. GoldBod said these requirements are intended to ensure that the facility meets genuine market demand and is not used for speculative purposes.
The Bank of Ghana had indicated that it did not anticipate undertaking a foreign exchange intermediation programme in October 2026, citing revised arrangements for foreign exchange receipts from gold exports in the artisanal and small-scale mining sector. The central bank remains prepared to intervene when necessary to maintain orderly market conditions while preserving exchange rate flexibility.
Key points
- GoldBod sells US$255 million to commercial banks through its GoFX platform.
- The programme aims to generate about US$1.5 billion in total.
- GoldBod's sales are intended to complement the Bank of Ghana's efforts to improve the availability of foreign exchange for commercial banks.
