GoldBod’s increased supply of US dollars to commercial banks is emerging as a major factor behind the Ghana cedi’s recent recovery, as improved foreign exchange liquidity eases pressure on the local currency.
The cedi has recorded marginal weekly gains against the US dollar on the interbank market for more than three consecutive weeks, with traders and bank treasurers attributing the trend partly to the new foreign exchange intermediation framework operated through GoldBod’s GoFX platform.
Market participants say the increased dollar availability has helped moderate demand pressures, reversing some of the depreciation recorded in August and early September when importers stepped up purchases of foreign currency ahead of the Christmas season.
JoyBusiness understands that GoldBod sold US$130 million to the market on Tuesday at GH¢11.60 to the dollar, a rate below the prevailing spot market level at the time.
Some market sources estimate that the institution may have supplied more than US$500 million to commercial banks this month under the revised framework, although the figure has not been officially confirmed.
The increased supply has reportedly eased pressure on the market, with some banks and foreign exchange traders reducing their requests for dollars as liquidity improves.
Under the programme, GoldBod is expected to generate approximately US$1.5 billion in foreign exchange receipts, with US$1 billion designated for sale to commercial banks and the remaining US$500 million earmarked for transfer to the Bank of Ghana to strengthen international reserves.
The arrangement forms part of revised measures governing foreign exchange receipts from gold exports in the artisanal and small-scale mining sector.
GoldBod complements central bank measures
The cedi’s recent performance comes as the Bank of Ghana works with GoldBod to improve foreign exchange availability, support reserve accumulation and maintain stability in the currency market.
Speaking to global investors in Bangkok, Thailand, during the annual meetings of the International Monetary Fund and the World Bank, Bank of Ghana Governor Dr Johnson Asiama attributed the earlier pressure on the cedi partly to substantial payments, particularly in the energy sector.
He said those payments had placed some pressure on the country’s international reserves.
Dr Asiama assured investors that the central bank was working with GoldBod to strengthen foreign exchange liquidity and sustain stability.
The Bank of Ghana had earlier informed commercial banks that it did not expect to conduct its own foreign exchange intermediation programme in October 2026. Although the central bank has not publicly explained the decision, some market participants believe GoldBod’s planned dollar sales may have influenced the arrangement.
The central bank has, however, maintained that it remains prepared to intervene when necessary to preserve orderly market conditions while allowing exchange rate flexibility.
New framework introduces scheduled dollar sales
GoldBod’s foreign exchange sales operate under a framework designed to provide authorised commercial banks with predictable and transparent access to US dollars.
Under the arrangement, sales take place every Tuesday and Thursday, with participating banks submitting requests through the GoFX platform during designated trading windows.
Where requests exceed the available dollar supply, allocations are distributed on a pro-rata basis to promote equitable access among participating banks.
Transactions are settled on the same day, with the dollar leg completed by 3 p.m. and the cedi leg by 4 p.m.
Banks are required to confirm that their requests reflect actual unmet foreign exchange demand or an existing short position, while complying with applicable Bank of Ghana regulations and directives.
The central bank maintains regulatory oversight of the programme and has real-time access to the GoFX platform. GoldBod is also required to submit transaction reports after each sale.
The platform incorporates electronic request submissions, allocation processing, time-stamped records, transaction histories and audit trails intended to strengthen transparency and facilitate post-trade verification.
Market stability depends on sustained supply
Some commercial banks expect the cedi to remain relatively stable if the improved supply of dollars continues.
However, the recent gains follow a period of currency pressure associated with seasonal import demand and substantial foreign exchange payments, highlighting the importance of maintaining adequate dollar liquidity.
The extent to which GoldBod’s programme can sustain the cedi’s recovery will depend partly on the consistency of its foreign exchange supply and the market’s broader demand for dollars.
For now, traders view the framework as an important source of liquidity, while the Bank of Ghana continues to monitor market conditions and retains the option of intervening when necessary.
