GoldBod Sells US$255 Million to Banks Through GoFX Platform
The Ghana Gold Board (GoldBod) has sold US$255 million to commercial banks through its GoFX platform since the start of October 2026, as it seeks to increase dollar supply in the foreign exchange market. The institution sold US$130 million last Thursday at GH¢11.77 to the dollar, following an earlier sale of US$125 million on Tuesday. The transactions form part of a planned US$1 billion sale to commercial banks this month, intended to complement the Bank of Ghana’s efforts to improve foreign exchange availability and support stability in the market. Unlike an auction, the transactions involve GoldBod selling dollars at a uniform rate for each sale, with allocations structured to promote transparency and equitable access among participating banks.
Under the broader programme, GoldBod expects to generate about US$1.5 billion, with US$1 billion earmarked for commercial banks and another US$500 million to be transferred to the Bank of Ghana to support foreign exchange reserve accumulation. The GoFX framework provides for dollar sales every Tuesday and Thursday, with allocations made on a pro-rata basis when demand exceeds available funds. Transactions are settled on the same day, while participating banks must demonstrate genuine unmet foreign exchange demand or a short position to prevent speculative use of the facility. The central bank will maintain regulatory oversight and real-time access to the platform, supported by transaction reports and electronic audit trails. The additional dollar supply could ease pressure on the cedi as businesses seek foreign exchange ahead of the Christmas season, although its impact will depend on market demand and subsequent sales.
