GoldBod pumps US$255m into banks as festive dollar demand rises

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.

The institution sold US$130 million last Thursday at a rate of GH¢11.77 to the dollar, following a US$125 million sale on Tuesday.

The two transactions bring sales to participating banks to US$255 million since the platform began operating at the start of October 2026.

JoyBusiness understands that the transactions are direct foreign exchange sales rather than auctions. Participating banks do not bid competing exchange rates; GoldBod sells dollars at a uniform rate for each sale.

Sources say the sales are intended to complement the Bank of Ghana’s efforts to improve the availability of foreign exchange for commercial banks.

JoyBusiness understands that 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.

GoldBod’s programme is expected to generate about US$1.5 billion in total. Of this amount, US$1 billion will be sold to commercial banks, while US$500 million will be transferred to the Bank of Ghana to support the accumulation of foreign exchange reserves.

In a notice to commercial banks last month, the Bank of Ghana indicated that it did not anticipate undertaking a foreign exchange intermediation programme in October 2026.

JoyBusiness understands 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 central bank has not officially explained the decision, some market participants have linked it to GoldBod’s planned supply of dollars from gold export proceeds.

The Bank of Ghana said it remained prepared to intervene when necessary to maintain orderly market conditions while preserving exchange rate flexibility.

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 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.

GoldBod said these requirements are intended to ensure that the facility meets genuine market demand and is not used for speculative purposes.

The programme will operate under the Bank of Ghana’s regulatory oversight. The central bank will have real-time access to the GoFX platform, and GoldBod will submit transaction reports after each sale.

The platform supports electronic submission and allocation processing, time-stamping, transaction histories and audit trails. GoldBod said these features would strengthen transparency, accountability and post-trade verification.

The details 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, transparent access to US dollars through the GoFX platform.