The Ghana cedi has recorded marginal weekly gains against the US dollar on the interbank market for more than three weeks, supported by improved foreign exchange liquidity and increased dollar supply from the Ghana Gold Board (GoldBod).
The recovery follows sustained pressure on the local currency in August and early September, when heightened demand for dollars to finance imports ahead of the Christmas season contributed to its depreciation.
Bank of Ghana Governor Dr Johnson Asiama, speaking to global investors in Bangkok, Thailand, on the sidelines of the International Monetary Fund and World Bank Annual Meetings, attributed the earlier pressure partly to substantial payments, particularly in the energy sector, which marginally affected the country’s international reserves.
He assured investors that the central bank was working with GoldBod to improve foreign exchange liquidity, strengthen reserves and sustain currency stability.
Market participants told JoyBusiness that GoldBod’s increased dollar supply under its revised foreign exchange framework had helped ease demand pressures and lower exchange rates.
GoldBod sold US$130 million on Tuesday through its GoFX platform at GH¢11.60 to the dollar, below the prevailing spot market rate at the time.
Market sources estimate that the institution may have supplied more than US$500 million to commercial banks this month, although the figure has not been officially confirmed.
Under the programme, GoldBod is expected to generate approximately US$1.5 billion in foreign exchange receipts from artisanal and small-scale gold exports. Of this, US$1 billion will be sold to commercial banks, while US$500 million will be transferred to the Bank of Ghana to support reserve accumulation.
The central bank indicated last month that it did not expect to conduct its own foreign exchange intermediation programme in October 2026, with some market participants linking the decision to GoldBod’s planned dollar sales.
Under the new framework, foreign exchange will be sold every Tuesday and Thursday, with allocations made proportionately when demand exceeds supply.
Transactions will settle on the same day, while participating banks must demonstrate genuine unmet dollar demand or short positions.
The Bank of Ghana will maintain regulatory oversight, including real-time access to the GoFX platform, to promote transparency and accountability.
Some commercial banks expect the cedi to remain relatively stable if the improved dollar supply is sustained.
Source: businesspostonline
