We haven’t handed over our forex role to Goldbod – BoG Governor Asiama

Governor Asiama from the Bank of Ghana (BoG) has denied claims that the central bank has transferred its foreign exchange market responsibilities to Goldbod. He affirmed that the bank remains prepared to intervene when necessary to ensure stability. Asiama explained that the bank's emphasis on increasing its reserves, with Goldbod facilitating foreign exchange intermediation and market supply, did not indicate a surrender of its primary duties.

He stated that the bank would step into the market as required, especially if volatility endangered smooth trading. He spoke at a meeting in Bangkok with investors, brokers, and fund managers, addressing concerns about the respective roles of the Bank of Ghana and Goldbod in foreign exchange intermediation and their implications for the cedi's stability.

Some analysts had questioned Goldbod's role, referencing the Bank of Ghana Act, the foreign exchange operations framework, and the Constitution. The Bank of Ghana CEO also appeared before Parliament’s Public Accounts Committee, where the issue was raised. Asiama clarified that Goldbod was assisting the central bank instead of supplanting its functions.

He explained that the foreign exchange inflows directed through Goldbod would have otherwise entered the market, and under the new framework, GoldBOD is channeling those inflows to bolster market supply. The Governor commended GoldBOD's contribution, describing it as especially valuable under present circumstances, and assured investors that there was no reason for alarm.

He revealed that since the start of October 2026, GoldBOD has sold approximately US$452 million to commercial banks via its GoFX platform, which conducts foreign exchange sales twice weekly. The platform offers electronic submissions, allocation processing, time-stamping, transaction histories, and audit trails, all under the Bank of Ghana's supervision.

The central bank will have real-time access to the platform, while GoldBOD submits transaction reports after each sale. Goldbod aims to generate about US$1.5 billion in October, with US$1 billion earmarked for sale to commercial banks and US$500 million to be transferred to the Bank of Ghana to help build reserves. The bank has not indicated plans for a foreign exchange intermediation program, but it remains prepared to intervene in the market to sustain orderly conditions.

In a September statement to market participants, the central bank confirmed its readiness to undertake foreign exchange interventions as needed, while maintaining flexibility in the exchange rate.