Ghana Gold Board sells $255m to commercial banks to stabilize cedi

The Ghana Gold Board (GoldBod) has sold a total of $255 million to commercial banks through its newly launched GoFX platform to enhance liquidity in the foreign exchange market. These transactions, conducted at a uniform exchange rate of GH₵11.77 per dollar, are specifically designed to ease the mounting pressure on the Ghana cedi. The intervention comes as the country prepares for the heightened demand for foreign currency typically associated with the upcoming Christmas and end-of-year festive season.

The total injection was achieved through two separate auctions held during the first week of the program. The maiden session took place on Tuesday, where GoldBod successfully offloaded $125 million to authorized dealers. This was followed by a subsequent sale of $130 million on Thursday. By utilizing the GoFX platform, GoldBod aims to ensure a transparent and fair distribution process, allowing commercial banks reliable access to dollars to meet the genuine needs of their clients while discouraging speculative behavior that often drives currency depreciation.

This initiative is part of a larger strategic roadmap conducted under the regulatory oversight of the Bank of Ghana. GoldBod has indicated plans to sell as much as $1 billion throughout the month of October to further fortify the foreign exchange market. By providing a steady and predictable supply of dollars, the board intends to mitigate market volatility and support a more stable economic environment for businesses and consumers during the high-demand fourth quarter.