Accra:The Bank of Ghana (BoG) has indicated that it will not conduct a foreign exchange (FX) intermediation program in October 2026. This decision comes as the Ghana Gold Board (GoldBod) plans to inject up to US$1 billion into the market, utilizing proceeds from gold exports.
According to Ghana Web, this move is part of a revised strategy for managing FX receipts from Ghana's artisanal and small-scale gold mining sector. GoldBod is set to play a larger role in supplying foreign currency to the market under this new framework.
GoldBod's September market update projected an FX generation of about US$1.5 billion in October. Of this amount, US$1 billion will be made available to commercial banks, aiming to bolster liquidity and stabilize the FX market. Additionally, US$500 million is expected to be allocated to the BoG to aid in building international reserves as part of the Ghana Accelerated National Reserves Accumulation Policy (GANRAP).
The transactions will occur within GoldBod's newly developed Spot FX Sales/Intermediation Framework, which is designed to ensure transparency, fairness, and regulatory compliance. While the BoG has not officially commented on the absence of an FX intermediation program for October, it is understood to be part of GoldBod's increased contribution to the FX supply.
Despite this shift, the BoG has assured market participants that it remains ready to intervene in the market if necessary, to maintain orderly conditions and preserve exchange rate flexibility.
This development coincides with the central bank's efforts to rebuild its FX reserves, following recent pressures on the cedi and global uncertainties, particularly those linked to events in the Middle East. By August 2026, Ghana's gross international reserves had fallen to just over US$12 billion, prompting a focus on reserve accumulation and FX liquidity management.
In September, the BoG set an FX intermediation target of US$500 million, which was fully achieved through market-neutral, spot-based sales conducted via auctions with licensed commercial banks. Despite these efforts, the cedi experienced a depreciation of 10.76% by the end of September, trading at roughly GHS11.71 to the US dollar.
Average daily trading volume on the interbank FX market during September was US$23.71 million, with the total monthly volume reaching US$497 million. The anticipated GoldBod injection could significantly impact FX liquidity and support the cedi, contingent on the timing and execution of the sales.