Ghana cedi strengthens following GoldBod foreign exchange interventions

The Ghana cedi has shown signs of recovery against major currencies, including the US dollar, British pound, and euro, following interventions by the state-owned Ghana Gold Board (GoldBod). GoldBod recently sold US$130 million to commercial banks at a rate of GH¢11.60 per dollar to support the local currency.

Under its October 2026 programme, GoldBod plans to supply US$1 billion to commercial banks and US$500 million to the Bank of Ghana to bolster reserve accumulation. This combined US$1.5 billion supply is part of a wider initiative to stabilize the exchange rate and moderate import costs.

Bank of Ghana Governor Dr. Johnson Asiama has affirmed GoldBod’s operational autonomy to sell foreign exchange generated from gold exports directly to financial institutions. This framework allows the state enterprise to manage its trading partners, particularly when its domestic gold purchases are financed by private commercial banks.

While the cedi gained approximately 1.2% against the US dollar on the interbank market over a two-week period, economic indicators remain mixed. Although inflation has remained in single digits for 13 consecutive months and lending rates have declined significantly, challenges such as debt sustainability, revenue mobilization, and the need for fiscal discipline persist.