GoldBod pumps US$255m to banks as festive season dollar demand rises
GoldBod has sold US$255 million to commercial banks in two transactions since the beginning of October.
HENRY GERCHI 
Accra, Ghana | October 12, 2026
The Ghana Gold Board (GoldBod) has sold US$255 million to commercial banks through its GoFX platform since the beginning of October, as it steps up efforts to improve dollar availability ahead of the Christmas festive season.
According to Joy Business, the amount comprises US$125 million sold on Tuesday, October 6, and a further US$130 million sold on Thursday, October 8, 2026.
The second transaction was conducted at an exchange rate of GH¢11.77 to the US dollar.
The sales form part of GoldBod’s broader foreign exchange programme aimed at improving liquidity in the banking sector and supporting stability in Ghana’s foreign exchange market.
How the dollar sales work
Unlike a competitive auction, the transactions are direct foreign exchange sales. Participating commercial banks do not compete by bidding different exchange rates. Instead, GoldBod sells dollars at a uniform rate for each transaction.
Under the new framework, dollar sales are scheduled for Tuesdays and Thursdays through the GoFX platform.
Where requests from participating banks exceed the available supply, allocations are made on a pro rata basis to promote fair access.
Banks must also demonstrate that their requests are backed by genuine unmet foreign exchange demand or an existing short position, in accordance with Bank of Ghana regulations.
Transactions are settled on the same day, with the dollar component completed by 3:00pm and the cedi component by 4:00pm.
GoldBod targets US$1 billion in bank sales
GoldBod has set a target of generating US$1.5 billion in foreign exchange during October.
Under the programme, US$1 billion is expected to be made available to commercial banks, while up to US$500 million will be transferred to the Bank of Ghana to support the accumulation of international reserves.
The arrangement follows GoldBod’s transition to a financing model under which it directly manages foreign exchange generated through its gold trading operations.
The Board says the framework is intended to strengthen transparency, accountability and efficiency in the foreign exchange market while discouraging speculative demand.
Potential impact on the cedi
The additional supply of dollars could help ease pressure on the Ghana cedi as importers, businesses and other market participants seek foreign currency to finance transactions ahead of the festive season.
However, the actual effect on the exchange rate will depend on wider market conditions, including foreign exchange demand, export receipts and the overall supply of dollars.
GoldBod’s programme is being implemented under the regulatory oversight of the Bank of Ghana, which has real time access to the GoFX platform and receives transaction reports after each sale.
