The Ghana Gold Board (GoldBod) has supplied US$130 million to the foreign exchange market in a spot sale held on Tuesday, as the cedi continues to record gains against the US dollar on the interbank market.
According to the Board, the dollars were sold at GH¢11.60 per US dollar in the reported transaction.
GoldBod said the cedi had recorded more than three consecutive weeks of weekly gains against the dollar on the interbank market, and credited its dollar supply for supporting the local currency’s recovery.
The Board also disclosed that it is planning an allocation of US$1 billion to commercial banks in October. A further US$500 million is earmarked to support the Bank of Ghana’s (BoG) efforts at reserve accumulation.
How it works
GoldBod explained that its gold trading operations generate foreign exchange, which is channelled through its GoFX platform. Through the platform, dollars are supplied directly to authorised commercial banks.
It stated that improved dollar availability could ease demand pressures in the market, contributing to a more orderly foreign exchange market and supporting the stability of the cedi.
The figures were shared by the Board on its official platforms. The claims about the cedi’s recovery and the impact of GoldBod’s supply are the Board’s own assessment and have not been independently verified.