The Ghana Gold Board (GoldBod) sold US$130 million to commercial banks at GHS11.60 to the dollar on Tuesday, as the cedi extended a rally of more than three weeks against the US dollar.
The sale price was below the market rate at the time. Traders and bank treasurers said the extra dollars eased demand, with some banks and traders cutting their requests for foreign currency. The Bank of Ghana's interbank rate stood at GHS11.6050 to the dollar on Thursday, October 22, compared with around GHS11.77 on October 13.
The gains follow a weak spell in August and early September, when importers bought more dollars ahead of the Christmas season. Even after the recent rally, the cedi remains about 10% weaker against the dollar this year. It ended 2025 at GHS10.45 on the interbank market.
GoldBod plans to raise about US$1.5 billion in foreign currency from gold exports this month. Of this, US$1 billion is set aside for sale to banks and US$500 million will go to the Bank of Ghana to build its reserves. Market sources estimate that GoldBod may already have supplied more than US$500 million to banks in October, though this has not been officially confirmed.
GoldBod sells dollars every Tuesday and Thursday through its GoFX electronic platform. Banks must show real unmet demand or a shortfall in dollars to take part. When requests exceed supply, the dollars are shared in proportion. Deals settle on the same day, and the central bank can watch the platform in real time.
The Bank of Ghana told banks last month that it did not expect to run its own dollar sales programme in October. It said it remained ready to step in to keep the market orderly. Some banks expect the cedi to stay stable if the extra dollar supply continues.