GoldBod’s intervention in forex market gives cedi modest reprieve; one dollar going for GH¢12.15 at forex bureaus
By the close of the fortnight, the local currency modestly clawed back some losses in the interbank market.
In the past three weeks, GoldBod's intervention in the foreign exchange market has provided the cedi with a slight respite. The Bank injected a massive US$130 million spot foreign exchange sale at a rate of GH¢11.60 per dollar to bolster the value of the local currency. By the end of the fortnight, the cedi had regained some ground in the interbank market, appreciating 1.20% against the US dollar and pound sterling, trading at GH¢11.65 and GH¢15.57 respectively. It also gained 0.16% against the euro, selling at GH¢13.04.
In the retail market, the cedi remained relatively stable against the US dollar, trading at GH¢12.10. It had increased by 0.32% against the pound sterling, reaching GH¢15.85, and climbed by 1.11% against the euro, trading at GH¢13.50. GoldBod's October 2026 program entails supplying US$1 billion to commercial banks and providing an additional US$500 million to the Bank of Ghana for reserve accumulation.
This forms part of their broader foreign exchange intervention plan aimed at fostering the recovery and stability of the local currency.
Currently, the cedi began trading at GH¢12.15 against the US dollar in the retail market. Its year-to-date loss has amounted to around 9.0%.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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