GoldBod Boosts Dollar Supply as Cedi Records Four Consecutive Days of Gains

The Ghana Gold Board’s (GoldBod) direct supply of foreign exchange to commercial banks is supporting dollar liquidity in the domestic market, as the Ghanaian cedi records four consecutive trading days of gains.

The cedi appreciated by 1.5 per cent between October 7 and October 15, 2026, closing at GH¢11.65 to the US dollar on Thursday, October 15, amid improving foreign exchange availability.

The development comes as GoldBod continues to channel foreign exchange generated from Ghana’s gold resources into the domestic financial market through its Spot Foreign Exchange (FX) Sales programme.

By supplying US dollars directly to commercial banks, GoldBod is helping improve the availability of foreign currency for businesses and other market participants who require it to meet their international payment obligations.

The increased supply can help ease demand pressures in the foreign exchange market and support efforts to stabilise the cedi.

The recent gains also offer welcome development for consumers amid concerns about rising petroleum product prices.

Since Ghana imports petroleum products and other essential commodities, movements in the cedi-dollar exchange rate can influence import costs and, consequently, domestic prices.

A relatively stronger cedi can help moderate the cost of imported goods, including fuel, although the extent of any relief depends on other factors such as international crude oil prices, refining costs and domestic distribution margins.

GoldBod’s foreign exchange sales programme forms part of its statutory mandate under Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140), which provides for the Board to supply foreign exchange to the country.

The framework enables GoldBod, as a foreign exchange earner, to sell the US dollars generated from its gold operations to commercial banks and the Bank of Ghana in exchange for cedis. The cedi proceeds are subsequently used to finance gold purchases through the Board’s licensed aggregators.

GoldBod has emphasised that its activities constitute Spot FX Sales rather than forex trading. The Board sells foreign exchange earned through its operations and does not assume the Bank of Ghana’s broader responsibilities for foreign exchange market management and intervention.

As the programme continues, GoldBod’s contribution to domestic dollar supply remains an important channel through which Ghana’s gold resources support the country’s foreign exchange needs and broader economic stability.