The Bank of Ghana (BoG) remains in charge of its foreign exchange market responsibilities and will intervene when necessary to contain excessive instability, Governor Dr Johnson Asiama has said.

He said GoldBod’s growing involvement in supplying dollars to the market should not be interpreted as the central bank stepping away from its responsibilities.

According to him, the arrangement allows the Bank to strengthen Ghana’s foreign reserves while GoldBod supports the supply of foreign currency to the market.

Investors had sought clarity on the division of responsibilities between the two institutions and the implications for the cedi.

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“We want to focus on reserve build-up while GoldBod supports with FX intermediation as well as some level of intervention for the market,” he said.

Questions about GoldBod’s mandate have also emerged among market watchers, with some citing provisions of the Bank of Ghana Act, the foreign exchange operations framework and the Constitution.

However, Dr Asiama maintained that GoldBod’s activities complement the central bank’s work rather than replace it.

He explained that the foreign currency passing through GoldBod would ordinarily have reached the market, with the revised arrangement helping to channel those funds into the supply of foreign exchange.

GoldBod has sold about US$452 million to commercial banks since the beginning of October 2026 through its GoFX platform.

The platform conducts foreign exchange sales twice a week under the regulatory oversight of the Bank of Ghana.

For October, GoldBod aims to generate about US$1.5 billion. It plans to sell US$1 billion to commercial banks and transfer US$500 million to the central bank to support reserve accumulation.

Dr Asiama expressed confidence in GoldBod’s contribution to the foreign exchange market.

“I have been wondering why we had not set up GoldBod long ago,” he said.

His assurances come amid pressure on the cedi, which has depreciated by 10.33% since the beginning of the year, despite recording some stability over the past two weeks.

He attributed part of the pressure to profit-taking by multinational companies and other businesses, adding that he expected market conditions to normalise.

The Governor also reaffirmed the Bank’s commitment to strengthening Ghana’s international reserves to protect the economy against external shocks.

Gross international reserves stood at about US$12.04 billion as of September 22, 2026. Although payments to the energy sector had placed pressure on the reserves, Dr Asiama said the country remained on course to achieve six months of import cover by December.

Import cover measures how long a country’s foreign reserves can finance its imports. Building reserves to cover six months of imports would provide Ghana with a stronger buffer against external economic shocks.

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Dr Asiama said the reserves would help protect the economy if external conditions deteriorated, including in the event of a significant decline in global gold prices.

DR/MA

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