The Ghana Gold Board (GoldBod) has announced plans to supply US$1.5 billion in foreign exchange to the market in October 2026.
According to GoldBod, the move forms part of efforts to support the cedi and improve dollar liquidity.
GoldBod detailed that under the programme, US$1 billion is expected to be supplied to authorised commercial banks, while another US$500 million is earmarked for the Bank of Ghana for reserve accumulation.
They further disclosed that the interventions were supporting the recovery and stability of the local currency amid a period of appreciation against the US dollar on the interbank market.
According to GoldBod, the Ghana cedi had recorded more than three consecutive weeks of appreciation against the dollar, noting that increased foreign exchange supply was helping to improve liquidity and ease pressure on the local currency.
In a Facebook post on Thursday, October 22, GoldBod stated, “The Ghana Gold Board (GoldBod) continues to support the recovery and stability of the Ghana cedi through increased foreign exchange supply to the market.
With over three consecutive weeks of appreciation against the US dollar on the interbank market, GoldBod’s interventions are helping to improve dollar liquidity and ease pressure on the local currency.
As part of its October 2026 programme, GoldBod plans to supply US$1 billion to authorised commercial banks and US$500 million to the Bank of Ghana for reserve accumulation.
This follows a reported US$130 million spot FX sale at GH¢11.60 per dollar, reinforcing GoldBod’s commitment to foreign exchange market stability and Ghana’s broader economic recovery”.
In other news, Dr Johnson Asiama, the Bank of Ghana (BoG) Governor, has said the central bank sometimes deliberately allows the cedi to weaken slightly at certain periods as part of its broader economic management strategy.
The BoG Governor highlighted that recent movements in the value of the cedi should not necessarily be interpreted as a loss of control by the central bank.
According to Dr Johnson Asiama, allowing the foreign exchange market to adjust at certain times forms part of the Bank of Ghana’s policy approach.
Speaking at the launch of the Central Securities Depository’s InvestorConnect mobile application, the BoG Governor stated, “Sometimes it’s okay to allow the system to adjust. Sometimes it’s a deliberate policy to allow the cedi to depreciate a little bit. It’s all within the strategy”.
“Managing an economy, some days things might look challenging. It doesn’t mean we have lost control,” he said.
Meanwhile, Dr Mahamudu Bawumia, the former Vice President and NPP Presidential Candidate for the 2028 election, has credited the Ghana cedi appreciation under the John Mahama-led NDC government to the IMF policy reversal in 2025.
Dr Bawumia revealed that Ghana’s IMF programme under the Akufo-Addo government contributed to the rapid depreciation of the cedi between 2022 and 2024.
According to Dr Bawumia, the IMF programme capped the Bank of Ghana’s foreign exchange market interventions at a maximum of $80 million per month.
Dr Bawumia argued that the IMF cap meant the Bank of Ghana could use a maximum of $960 million a year to support the cedi.
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@ghnow_ Beneficiaries express gratitude to Hon. Emmanuel Nii Commey for organizing the free health screening, particularly for women in the Obom Domeabra Constituency. #GHnow #fyp ♬ original sound – GHnow
@ghnow_ Beneficiaries express gratitude to Hon. Emmanuel Nii Commey for organizing the free health screening, particularly for women in the Obom Domeabra Constituency. #GHnow #fyp ♬ original sound – GHnow
