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

The Ghana Gold Board (GoldBod) has recently sold US$255 million to commercial banks through its GoFX platform, as it aims to increase the availability of foreign exchange in the market during the festive season. This marks the second sale on Tuesday and Thursday, totaling US$255 million since the platform's launch in October 2026.

The transactions are direct foreign exchange sales, with no bidding of exchange rates by participating banks. GoldBod's goal is to support the Bank of Ghana's efforts to ensure the availability of foreign exchange for commercial banks, especially ahead of the Christmas festivities. The additional dollar supply could help alleviate pressure on the Ghana cedi as businesses finance imports.

With plans to sell an additional US$1 billion to banks in October, GoldBod's program is expected to generate around US$1.5 billion in total, with US$1 billion going to commercial banks and US$500 million to the Bank of Ghana for foreign exchange reserves. The twice-weekly sales, on Tuesdays and Thursdays, will be subject to strict guidelines to ensure transparency, fair access, and equitable allocation.

The Bank of Ghana remains prepared to intervene if necessary to maintain market order while preserving exchange rate flexibility.