Good News for Cedi Holders as GoldBod Makes Fresh Move in Ghana’s Forex Market

Ghana’s cedi has recorded fresh gains against the US dollar after the Ghana Gold Board (GoldBod) increased the supply of foreign currency to commercial banks, giving some relief to businesses and Ghanaians who have been worried about exchange rate movements.

The latest figures show that the local currency has made modest progress over the past two weeks, with analysts linking the improvement largely to dollars generated from GoldBod’s gold operations and released into the foreign exchange market.

According to a market update by Databank Research, the cedi appreciated by 0.09 per cent against the US dollar on the interbank market, trading at GH¢11.64 to one dollar. It also gained 0.14 per cent against the British pound to trade at GH¢15.55 and strengthened by 0.50 per cent against the euro to GH¢12.98.

At the retail forex bureaus, however, the picture was slightly different. The dollar was trading at around GH¢12.08 during the period under review before the cedi opened the new week at GH¢12.15 to one dollar. This means that exchange rates can still differ depending on where individuals and businesses buy their foreign currency.

One major factor behind the recent improvement is GoldBod’s foreign exchange supply. The Board announced that it generated US$1.011 billion from its gold operations in October 2026 and sold the entire amount to authorised commercial banks.

The move is intended to increase the availability of dollars in the banking system and reduce pressure from businesses and importers seeking foreign currency to pay for goods and services from abroad.

Databank Research believes the intervention helped calm market expectations and improve the supply of dollars. The research firm also expects the cedi to make further modest gains in the coming weeks.

Its forecast suggests that the currency could strengthen towards GH¢11.41 to one dollar on the interbank market by the end of the next fortnight.

GoldBod is also projecting US$1.2 billion in foreign exchange from its gold operations in November, with US$800 million expected to be made available to commercial banks through its foreign exchange auction programme.

However, the recent gains do not mean Ghana’s currency problems have disappeared. Databank’s figures show that the cedi’s depreciation since the beginning of 2026 stood at 10.07 per cent at the end of October, although this was an improvement from 10.76 per cent recorded in September.

There are also concerns about increased demand for dollars as businesses prepare to import more goods ahead of the Christmas season.