GoldBod Targets US$1.5 Billion Forex Injection To Boost Cedi Stability As Dollar Supply Rises

According to a report by Adom FM on Friday October 23, 2026, the Ghana Gold Board (GoldBod) has announced plans to channel US$1.5 billion in foreign exchange into Ghana’s financial system in October 2026, in a move aimed at improving dollar availability, supporting the cedi and strengthening the country’s foreign exchange reserves.

The initiative forms part of the Board’s ongoing efforts to improve liquidity in the foreign exchange market at a time when the Ghanaian currency has recorded several consecutive weeks of appreciation against the US dollar on the interbank market.

Under the planned arrangement, US$1 billion is expected to be supplied to authorised commercial banks, while the remaining US$500 million will be allocated to the Bank of Ghana (BoG) to support the accumulation of international reserves.

GoldBod announced the planned intervention in a Facebook post on Thursday, October 22, 2026, explaining that its increased supply of foreign currency was helping to ease pressure on the local currency and improve access to dollars within the domestic market.

The announcement comes amid renewed attention on the cedi’s performance and the measures being implemented by financial authorities to sustain exchange rate stability and strengthen confidence in Ghana’s economy.

As part of its foreign exchange market interventions, GoldBod disclosed that it had sold US$130 million on the spot foreign exchange market at an exchange rate of GH¢11.60 to the US dollar.

The transaction is expected to contribute to improved dollar availability for businesses and financial institutions that require foreign currency for their operations.

According to the Board, the sale demonstrates its commitment to supporting an orderly foreign exchange market while contributing to Ghana’s broader economic recovery.

GoldBod’s interventions are particularly significant for businesses that depend on imported goods, raw materials and other essential inputs, as access to foreign currency can influence operating costs and pricing decisions.

The Board’s planned supply of US$1 billion to commercial banks is expected to provide additional dollars for legitimate market demand, while the allocation to the central bank is intended to strengthen Ghana’s external financial buffers.

The planned injection is being implemented under a revised foreign exchange framework through which GoldBod makes dollars generated from its gold-related operations available to the domestic financial market.

The Board uses its GoFX platform to facilitate foreign exchange sales to participating commercial banks.

Under the revised arrangement, sales are conducted twice weekly, on Tuesdays and Thursdays, with participating banks submitting requests during designated trading windows.

The framework also provides for electronic submissions, allocation processing and transaction records intended to strengthen transparency and accountability in the distribution of foreign currency.

The Bank of Ghana maintains regulatory oversight of the arrangement and has access to the platform to monitor transactions.

Bank of Ghana Governor Dr Johnson Asiama has previously clarified that GoldBod’s involvement does not mean the central bank has surrendered its responsibility for managing the foreign exchange market.

He explained that the central bank remains prepared to intervene whenever necessary to maintain orderly market conditions, while GoldBod supports the supply and distribution of foreign currency.

The arrangement is intended to allow the Bank of Ghana to concentrate on building international reserves while GoldBod contributes to improving dollar liquidity.

GoldBod’s announcement comes as the cedi has recorded more than three consecutive weeks of appreciation against the US dollar on the interbank market.

The Board attributes part of the improvement to increased foreign exchange supply, which it says has helped ease pressure on the local currency.

Market participants have also identified improved dollar availability as a contributing factor in the cedi’s recent performance.

However, sustaining the gains will depend on several factors, including foreign currency demand, external payments, export receipts and the consistency of dollar inflows.

The recent improvement follows periods of pressure on the cedi, partly associated with demand for dollars to finance imports and large payments by businesses, including those in the energy sector.

Continued access to foreign exchange is therefore expected to remain important in supporting market confidence and reducing excessive exchange rate fluctuations.

The proposed US$1.5 billion injection is expected to serve two main purposes: improving the supply of dollars available to commercial banks and strengthening the country’s foreign exchange reserves.

For commercial banks, the additional supply could help meet customers’ legitimate foreign currency needs.

For the Bank of Ghana, the US$500 million allocation is intended to support reserve accumulation, which is important for meeting external obligations and providing a buffer against economic shocks.

Nevertheless, the impact of the programme will depend on how effectively the foreign exchange is distributed and whether the increased supply can be sustained beyond October.

While the cedi’s recent appreciation provides an encouraging development for the market, the longer-term objective remains maintaining stability without exposing the economy to excessive vulnerability when external conditions become less favourable.

GoldBod says its foreign exchange interventions form part of its broader commitment to supporting the cedi and Ghana’s economic recovery.

The Board’s planned US$1.5 billion supply will therefore be closely watched by businesses, financial institutions and market observers as Ghana continues efforts to improve dollar liquidity, build reserves and sustain the recent gains made by the local currency.

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