The Ghana Gold Board (GoldBod) has engaged commercial banks on a new Spot FX and Intermediation Framework aimed at providing authorised financial institutions with more predictable and transparent access to US dollars through the GoldBod GoFX platform.
Under the new framework, GoldBod will generally conduct spot foreign exchange (FX) sales every Tuesday and Thursday. Where demand for US dollars exceeds the available supply, allocations will be made on a pro-rata basis to participating banks.
Transactions under the framework will also be settled on the same day, helping to improve efficiency and reduce uncertainty in the foreign exchange market in Ghana.
The initiative will operate under the regulatory supervision of the Bank of Ghana (BoG) and in coordination with the Ministry of Finance, reinforcing oversight and compliance within Ghana’s FX market.
The GoldBod GoFX platform will serve as the digital channel for submitting bids, receiving FX allocations and maintaining transaction records. The system will also provide electronic transaction histories and audit trails to strengthen transparency and accountability.
GoldBod said the new FX intermediation framework is designed to promote fairness and transparency while improving regulatory compliance and operational efficiency in Ghana’s foreign exchange market.
The initiative is expected to provide authorised banks with a more structured mechanism for accessing US dollar liquidity, while supporting better price discovery and transparency in Ghana’s FX market.
The introduction of the framework forms part of broader efforts to strengthen the country’s foreign exchange market, improve access to foreign currency and enhance confidence in Ghana’s financial sector.
Source: newsthemegh.com