GoldBod to supply US$1bn in foreign exchange to Ghana market

The Ghana Gold Board (GoldBod) is set to supply up to US$1 billion to the foreign exchange market in October using proceeds from gold exports. This shift occurs as the Bank of Ghana (BoG) does not expect to run a foreign exchange intermediation programme for the month.

Under a revised management system for foreign exchange generated by the artisanal and small-scale gold mining sector, GoldBod will play a larger role in providing liquidity to commercial banks. Of the forecasted US$1.5 billion in foreign exchange generation for October, GoldBod plans to make US$1 billion available to the market, while the remaining US$500 million is expected to be transferred to the BoG to support international reserves under the Ghana Accelerated National Reserves Accumulation Policy (GANRAP).

Recent interbank rates show the Ghana cedi experiencing mixed movements against major currencies. As of early October, the US dollar rate stood at approximately GH¢11.71, while the pound sterling rose to GH¢15.4871 and the euro recorded a decline to GH¢13.1760. The BoG has stated it remains prepared to undertake forex interventions if necessary to ensure orderly market conditions.