The Ghana Gold Board (GoldBod) has sold US$255 million to commercial banks through its GoFX platform as part of efforts to increase dollar supply and support stability in Ghana’s foreign exchange market.
The latest transaction, involving US$130 million sold last Thursday at a rate of GH¢11.77 to the dollar, followed an earlier sale of US$125 million on Tuesday.
The two transactions bring GoldBod’s total foreign exchange sales to participating commercial banks to US$255 million since the platform commenced operations at the beginning of October 2026.
According to information available to JoyBusiness, the transactions are direct foreign exchange sales rather than auctions. Participating banks do not compete by submitting different exchange rates, as GoldBod sells dollars at a uniform rate for each transaction.
Sources indicate that the sales are intended to complement the Bank of Ghana’s efforts to improve foreign exchange availability for commercial banks, with the allocation process structured to promote transparency, fair access and equitable distribution.
Potential impact on the cedi
The increased supply of dollars could help ease pressure on the Ghanaian cedi as businesses seek foreign exchange to finance imports ahead of the Christmas shopping season.
GoldBod had earlier announced plans to sell US$1 billion to commercial banks during October to support stability in the foreign exchange market.
$1.5 billion foreign exchange programme
The broader programme is expected to generate approximately US$1.5 billion, comprising US$1 billion for sale to commercial banks and US$500 million to be transferred to the Bank of Ghana to support the accumulation of foreign exchange reserves.
In a notice to commercial banks last month, the central bank indicated that it did not anticipate undertaking a foreign exchange intermediation programme in October 2026.
Information available to JoyBusiness suggests that the decision is linked to revised arrangements for foreign exchange receipts from gold exports in the artisanal and small-scale mining sector.
Although the Bank of Ghana has not officially explained the decision, some market participants have associated it with GoldBod’s planned supply of dollars generated from gold export proceeds.
The central bank has maintained that it remains prepared to intervene when necessary to preserve orderly market conditions while allowing exchange rate flexibility.
GoldBod to conduct dollar sales twice weekly
Under the new framework, GoldBod will sell foreign exchange twice a week, on Tuesdays and Thursdays, with participating banks submitting requests during designated sales windows.
Where demand exceeds the available supply, allocations will be distributed on a pro-rata basis to promote fairness and transparency.
Transactions will be settled on the same day, with the US dollar leg completed by 3 p.m. and the Ghana cedi leg by 4 p.m.
Participating banks must declare that their requests are backed by genuine unmet foreign exchange demand or evidence of a short position. They are also required to comply with applicable Bank of Ghana regulations and directives.
GoldBod says these conditions are intended to ensure that the facility serves legitimate market needs rather than speculative activities.
Regulatory oversight and transparency
The programme will operate under the regulatory oversight of the Bank of Ghana, which will have real-time access to the GoFX platform. GoldBod will also submit transaction reports to the central bank after each sale.
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-transaction verification.
The operational arrangements were outlined at a meeting between GoldBod and commercial banks ahead of the rollout of the Spot FX Sales and Intermediation Framework.
The framework is designed to provide authorised commercial banks with predictable and transparent access to US dollars through the GoFX platform.
As the programme progresses, its effectiveness will depend on the volume of foreign exchange supplied, the distribution of dollars among participating banks and the extent to which the additional liquidity meets businesses’ genuine foreign exchange needs.
