GoldBod Sells US$125 Million to Commercial Banks in Maiden Spot FX Sale

The Ghana Gold Board, GoldBod, has successfully sold approximately US$125 million to commercial banks in its maiden Spot Foreign Exchange sale, marking a major step in efforts to deepen transparency, strengthen market confidence, and support stability in Ghana’s foreign exchange market.

The transaction, which took place on Tuesday under GoldBod’s new Spot FX Sales and Intermediation Framework, represents the first major dollar sale to banks through the Board’s structured foreign exchange intervention programme.

The sale was conducted through the GoldBod GoFX platform, a dedicated electronic system designed to provide authorised commercial banks with predictable, transparent, and well-regulated access to United States dollars.

GoldBod’s intervention is part of a broader strategy to improve foreign exchange liquidity in the banking sector, support genuine market demand, and reduce uncertainty in the forex market.

Under the programme, GoldBod is expected to sell up to US$1 billion to commercial banks within the month. The initiative forms part of an anticipated US$1.5 billion foreign exchange support programme, out of which US$1 billion will be made available to commercial banks, while an additional US$500 million will be advanced to the Bank of Ghana to support foreign exchange reserve accumulation.

The framework is expected to enhance confidence among market participants by creating a predictable and transparent mechanism for FX supply. It also seeks to ensure that foreign exchange support reaches banks with genuine customer demand and legitimate market needs.

Under the new arrangement, GoldBod will conduct Spot FX sales twice weekly, on Tuesdays and Thursdays. Participating banks will be required to submit their requests within a designated sales window through the GoFX platform.

Where demand exceeds the available foreign exchange tranche, allocations will be made on a pro-rata basis to ensure fairness, transparency, and equitable distribution among participating banks.

All transactions under the framework will be settled on the same day. The United States dollar leg of the transaction is expected to be completed by 3:00 p.m., while the Ghana cedi leg will be completed by 4:00 p.m.

GoldBod has also introduced strict measures to prevent speculation and market abuse. Participating commercial banks are required to confirm that their requests are backed by actual unmet foreign exchange demand or evidence of a short position.

The banks are also expected to comply fully with all applicable Bank of Ghana regulations, directives, and prudential requirements.

The Spot FX Sales and Intermediation Framework will operate under the regulatory oversight of the Bank of Ghana, which will have real-time access to the GoFX platform. GoldBod will also submit transaction reports to the central bank after each sale to support monitoring, verification, and accountability.

The GoFX platform provides electronic submission and allocation processing, as well as time-stamping, transaction histories, and audit trails. These features are expected to strengthen transparency, improve post-trade verification, and enhance confidence in the FX market.

GoldBod believes the successful completion of the maiden US$125 million Spot FX sale demonstrates the strength of the framework and its potential to support orderly market conditions.

The Board reaffirmed its commitment to working with authorised commercial banks and the Bank of Ghana to promote a transparent, disciplined, and stable foreign exchange market for the benefit of businesses, investors, and the wider Ghanaian economy.