Ghana cedi gains strength amid GoldBod foreign exchange interventions

The Ghanaian cedi has recorded marginal gains against the US dollar on the interbank market for two consecutive weeks, supported by improved foreign exchange liquidity. The Ghana Gold Board (GoldBod) is leading these efforts, announcing plans to supply US$1.5 billion in foreign exchange to commercial banks and the Bank of Ghana throughout October 2026. Of this amount, US$1 billion is designated for authorized commercial banks, while US$500 million will be allocated to the Bank of Ghana for reserve accumulation.

GoldBod recently conducted a spot sale of US$130 million at a rate of GH¢11.60 to the dollar to ease market pressure. While the currency has shown appreciation, market analysts note that exchange-rate gains may not immediately reduce retail prices due to delays in how businesses replace stock.

Separately, the Bank of Ghana has intensified liquidity management, absorbing GH¢18.88 billion from the financial system through the sale of 14-day central bank bills over a three-day period. Meanwhile, Moody’s recently upgraded Ghana’s sovereign credit rating from Caa1 to B3 with a stable outlook, signaling improved debt affordability despite ongoing currency fluctuations.