GoldBod’s intervention in forex market gives cedi modest reprieve; one dollar going for GH¢12.15 at forex bureaus

In the past three weeks, GoldBod's intervention in the foreign exchange market has provided the cedi with a slight respite. The Board injected a spot foreign exchange sale of US$130 million 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 managed to recover some of the losses it had sustained in the interbank market, appreciating 1.20% against the US dollar and 0.16% against the euro to close at GH¢11.65 and GH¢13.04, respectively.

In the retail market, the cedi remained relatively stable against the US dollar, trading at GH¢12.10. It also appreciated by 0.32% against the pound sterling, selling at GH¢15.85, and by 1.11% against the euro, trading at GH¢13.50. As part of its October 2026 program, GoldBod has planned to supply a total of US$1.5 billion to commercial banks, with an additional US$500 million earmarked for the Bank of Ghana for reserve accumulation.

This part of its broader foreign exchange intervention program aims to support the recovery and stability of the local currency. The cedi, however, began the week trading at GH¢12.15 in the retail market, marking its year-to-date loss at approximately 9.0%.