The Ghana cedi has posted marginal weekly gains against the US dollar on the interbank market for more than three weeks, with traders largely attributing the recovery to improved foreign exchange liquidity.
The gains mark a turnaround from August and early September, when the local currency came under sustained pressure. Market participants linked that depreciation partly to increased demand for dollars to finance imports ahead of the Christmas season.
Speaking at an engagement with global investors in Bangkok, Thailand, on the sidelines of the Annual Meetings of the International Monetary Fund and the World Bank, Bank of Ghana Governor Dr Johnson Asiama also attributed the earlier pressure to large payments, particularly in the energy sector.
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He said those payments had marginally affected Ghana’s international reserves.
Dr Asiama assured investors that the central bank was working with GoldBod to improve foreign exchange liquidity, build reserves and sustain stability.
GoldBod’s impact through revised FX framework
Traders and bank treasurers who spoke to JoyBusiness identified GoldBod’s increased dollar supply as a major factor behind the cedi’s recent appreciation.
They said GoldBod’s pricing had also helped push exchange rates lower.
JoyBusiness understands that GoldBod sold US$130 million during Tuesday’s spot sale at GH¢11.60 to the dollar, below the prevailing spot market rate at the time.
According to some market participants, the improved supply has eased demand pressures, with some banks and traders reducing their requests.
The sales, conducted through GoldBod’s GoFX platform, complement the Bank of Ghana’s efforts to support liquidity in the foreign exchange market.
Market sources estimate that GoldBod may have supplied more than US$500 million to commercial banks this month under the new foreign exchange intermediation framework. That figure is yet to be officially confirmed.
Some commercial banks expect the cedi to remain relatively stable if the improved supply is sustained.
US$1 billion sale to banks in October
GoldBod’s programme is expected to generate about US$1.5 billion in foreign exchange receipts. Of this amount, US$1 billion is earmarked for sale to commercial banks, while US$500 million will be transferred to the Bank of Ghana to support reserve accumulation.
The programme forms part of revised arrangements for foreign exchange receipts from gold exports in the artisanal and small-scale mining sector.
In a notice to commercial banks last month, the Bank of Ghana said it did not expect to undertake a foreign exchange intermediation programme in October 2026.
Although the central bank has not officially explained the decision, some market participants have linked it to GoldBod’s planned dollar supply.
The Bank of Ghana said it remained prepared to intervene when necessary to maintain orderly market conditions while preserving exchange rate flexibility.
Twice-weekly FX sales
Under the new framework, GoldBod will sell foreign exchange on Tuesdays and Thursdays, with participating banks submitting requests during a designated sales window.
When demand exceeds available supply, allocations will be made on a pro-rata basis to ensure transparent, equitable distribution.
Transactions will settle the same day, with the US dollar leg completed by 3pm and the Ghana cedi leg by 4pm.
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.
The programme will operate under the central bank’s regulatory oversight. The Bank of Ghana will have real-time access to the GoFX platform, while GoldBod will submit transaction reports after each sale.
The platform supports electronic submissions, allocation processing, time-stamping, transaction histories and audit trails. GoldBod said these features would strengthen transparency, accountability and post-trade verification.
GoldBod and commercial banks outlined the arrangements at a meeting ahead of the rollout of the Spot FX Sales and Intermediation Framework.
The framework is intended to give authorised commercial banks predictable and transparent access to US dollars through the GoFX platform.
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