The Ghana Gold Board (GoldBod) has sold US$282 million to commercial banks in two days to increase dollar supply in Ghana’s foreign exchange market and help ease pressure on the cedi.

The Board sold US$197 million to commercial banks on Tuesday, October 13, 2026, and another US$85 million on Thursday, October 15, bringing total sales for the two days to US$282 million.

The dollar sales are expected to improve banks’ access to foreign currency, helping them meet the needs of businesses and individuals who require dollars to pay for imports and other international transactions.

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According to GoldBod, the transactions were conducted through its digital foreign exchange platform, GoFX, under the real-time monitoring of the Bank of Ghana.

Through the platform, commercial banks submit requests for dollars, which are allocated based on demand and the amount of foreign currency available.

GoldBod explained that the dollars come from its gold operations and are sold to commercial banks in exchange for Ghana cedis. The cedis received are then used to purchase more gold.

The Board stressed that its activities differ from conventional foreign exchange trading, as it sells dollars generated from its gold operations rather than buying and selling currencies for trading purposes.

The arrangement is backed by Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140), which mandates GoldBod to provide foreign exchange to the country.

The increased supply of dollars could help businesses that depend on imported goods access foreign currency more easily. It could also help ease pressure on the cedi and limit increases in the prices of imported products.

However, the extent to which the sales will support the cedi will depend on overall demand for foreign currency and other market conditions.

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The latest transactions reflect GoldBod’s role in supplying foreign currency to Ghana’s banking sector through proceeds from its gold operations.

DR/MA

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