The Ghana Gold Board (GoldBod) has sold approximately US$125 million to commercial banks in its first foreign exchange (forex) auction under a newly introduced spot FX sales and intermediation framework.
The maiden auction, conducted on Tuesday, forms part of GoldBod’s efforts to promote transparency, fairness and regulatory compliance in Ghana’s foreign exchange market. The initiative is also expected to improve access to US dollars for commercial banks and support stability in the country’s forex market.
According to information obtained by JoyBusiness, the transaction was carried out through GoldBod’s new foreign exchange sales arrangement, designed to make dollar supply more predictable and transparent for participating banks.
GoldBod Introduces GoFX Platform to Improve Dollar Supply
The new initiative operates through the GoldBod GoFX platform, which is intended to provide commercial banks with a structured and reliable channel for accessing US dollars.
The framework seeks to strengthen the distribution of foreign exchange in Ghana by establishing a transparent process for forex sales and intermediation. It is expected to improve market confidence while ensuring that participating financial institutions have more predictable access to foreign currency.
The initiative comes amid ongoing efforts to strengthen Ghana’s foreign exchange market, improve dollar availability and support broader macroeconomic stability.
GoldBod Forex Programme Targets US$1.5 Billion
GoldBod’s foreign exchange programme is expected to generate approximately US$1.5 billion in total transactions.
Under the planned arrangement, US$1 billion will be sold to commercial banks to support their foreign exchange requirements and improve access to dollars for businesses and other market participants.
The remaining US$500 million is expected to be provided to the Bank of Ghana (BoG) to support the accumulation of the country’s foreign exchange reserves.
The allocation reflects the programme’s dual objective of supplying foreign currency to commercial banks while contributing to Ghana’s external reserve position.
Bank of Ghana Reserves and Forex Market Stability
The planned transfer of US$500 million to the Bank of Ghana is expected to support efforts to build the country’s foreign exchange reserves, which play an important role in meeting external payment obligations and strengthening confidence in the economy.
Adequate international reserves can help a country manage external economic shocks, meet import financing needs and support confidence in its currency. GoldBod’s new forex intermediation framework is therefore expected to contribute to broader measures aimed at improving Ghana’s foreign exchange management.
The sale of US$125 million marks the beginning of the new arrangement, with further transactions expected as the programme progresses towards its overall US$1.5 billion target.
Source: newsthemegh.com