The Bank of Ghana (BoG) has signalled that it does not expect to undertake a foreign exchange (FX) intermediation programme in October 2026, as the Ghana Gold Board (GoldBod) prepares to inject up to US$1 billion into the market from gold export proceeds.
The shift comes under a revised framework for managing foreign exchange receipts from Ghana’s artisanal and small-scale gold mining sector, with GoldBod expected to play a larger role in supplying FX to the market.
In its September market update, GoldBod projected that it would generate about US$1.5 billion in foreign exchange in October. Of this amount, US$1 billion is expected to be made available to commercial banks to support liquidity and stability in the FX market.
A further US$500 million is expected to be provided to the BoG to support the accumulation of international reserves under the Ghana Accelerated National Reserves Accumulation Policy (GANRAP).
The transactions are expected to be conducted under GoldBod’s newly developed Spot FX Sales/Intermediation Framework, designed to promote transparency, fairness and regulatory compliance in the sale of gold-related FX proceeds.
Although the BoG has not given an official reason for the absence of a scheduled October FX intermediation programme, the development comes as GoldBod prepares to increase its direct contribution to the supply of foreign currency.
The central bank, however, stressed that it retains the capacity to intervene in the market when necessary.
It told market participants that it “remains prepared to undertake Forex Interventions, where necessary to ensure continued orderly market conditions while preserving overall exchange rate flexibility.”
BoG reserves focus
The latest development also comes amid efforts by the central bank to rebuild its foreign exchange reserves following recent pressure on the cedi and heightened global uncertainty linked to developments in the Middle East.
Ghana’s gross international reserves fell to just over US$12 billion in August 2026, prompting increased attention to reserve accumulation and the management of FX liquidity.
In September, the BoG set a target of US$500 million under its FX intermediation programme and subsequently sold the full amount.
The central bank said the sales were conducted on a market-neutral, spot basis through twice-weekly auctions involving all licensed commercial banks.
It also clarified that there were no direct FX interventions during September.
Despite the interventions, the cedi recorded a cumulative depreciation of 10.76% by the end of September, trading at approximately GH¢11.71 to the US dollar.
Average daily trading volume on the interbank FX market during the month stood at US$23.71 million, while total monthly interbank trading volume reached US$497 million.
The October outlook therefore marks a potential shift in Ghana’s FX market management, with GoldBod expected to become a more significant source of market liquidity while the BoG focuses on preserving exchange-rate flexibility and rebuilding reserves.
The extent to which the anticipated US$1 billion GoldBod injection will ease FX liquidity pressures and support the cedi will depend on the timing and execution of the planned sales.
Source: businesspostonline
