GoldBod supplies banks with US$282m in weekly forex sales

The Ghana Gold Board (GoldBod) says it sold US$282 million to commercial banks through its foreign exchange (FX) sales programme on Tuesday, October 13, and Thursday, October 15, 2026, as part of efforts to increase dollar supply to Ghana’s domestic market.In a statement, the Board said US$197 million was sold on Tuesday, followed by an additional US$85 million on Thursday. GoldBod explained that the transactions were conducted through its digital GoldBod GoFX platform to make foreign exchange earned from Ghana’s gold resources available to participating commercial banks.GoldBod said the programme is backed by Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140), which provides for the Board to supply foreign exchange to the country.According to the Board, participating banks submit requests for US dollars through the platform, with allocations made under the real-time monitoring of the Bank of Ghana.The Board reiterated that the arrangement constitutes spot FX sales rather than forex trading. It explained that it sells dollars earned from its gold operations to commercial banks in exchange for cedis, which are then used to finance its gold purchases.GoldBod said the supply of dollars to commercial banks helps businesses access foreign currency for imports, international payments and other legitimate obligations.The Board added that improved FX availability could help ease pressure on the cedi and imported costs, while supporting market stability and the financing of its gold purchasing operations.Read the full article at MyJoyOnline Ghana