BoG signals no FX intermediation for October as GoldBod plans $1bn support for banks

The Bank of Ghana (BoG) has indicated that it does not plan to conduct a foreign exchange (FX) intermediation programme in October 2026. This decision is connected to the revised approach for foreign exchange receipts originating from the artisanal and small-scale mining sector. Despite this, the central bank remains prepared to intervene in the FX market if necessary to maintain market stability and fluidity.

Although the exact reason for the absence of an October FX intervention programme has not been officially disclosed, market participants speculate that it may be linked to plans by the Ghana Gold Board (GoldBod) to inject US$1 billion into the market from the proceeds of gold exports. GoldBod aims to generate approximately US$1.5 billion in foreign exchange in October, with US$1 billion designated for commercial banks to support market stability, while an additional US$500 million will be provided to the BoG to bolster its reserves in line with the Ghana Accelerated National Reserves Accumulation Policy (GANRAP).