GoldBod injected a US$130 million spot foreign exchange sale at GH¢11.60 per dollar to shore up the value of the local currency. The cedi appreciated 1.20% against the US dollar and pound sterling to close trading at GH¢11.65 per US dollar and GH¢15.57 per pound sterling, respectively.
It also gained 0.16% against the euro to sell at GH¢13.04.
The intervention by GoldBod in the foreign exchange market in the last three weeks has given the cedi a modest reprieve. In the retail market, the cedi held steady against the American greenback to trade at GH¢12.10. It appreciated by 0.32% against the pound to sell at GH¢15.85 and 1.11% against the euro to trade at GH¢13.50 to the euro.
As part of its October 2026 programme, GoldBod planned to supply US$1 billion to commercial banks and provide an additional US$500 million to the Bank of Ghana for reserve accumulation. The planned US$1.5 billion supply forms part of its broader foreign exchange intervention programme, which it says is aimed at supporting the recovery and stability of the local currency.
The cedi began this week going for GH¢12.15 against the US dollar in the retail market. Its year-to-date loss is about 9.0%.
According to experts, the intervention by GoldBod is a positive step towards stabilizing the currency. The Bank of Ghana has also been working to support the cedi, with Governor Ernest Addison stating that the bank is committed to maintaining a stable currency.
The implications of GoldBod's intervention are significant, as a stable currency can help to boost economic growth and reduce inflation. The move is also expected to increase investor confidence in the Ghanaian economy. As the cedi continues to appreciate, it is likely that the economy will experience a boost in trade and investment.