GoldBod’s foreign exchange framework launched its first dollar sale under Bank of Ghana oversight on October 6, moving approximately $125 million to authorised commercial banks. The sale is part of a new Spot FX Sales and Intermediation Framework announced on October 5, designed to stabilise the cedi by making dollar supply more predictable.
The framework offers scheduled dollar sales to commercial banks, typically on Tuesdays and Thursdays, through the GoFX platform. When demand exceeds supply, allocations are distributed proportionally. The Bank of Ghana retains regulatory oversight, with real-time access to the platform and transaction reports after each sale.
Dr Theo Acheampong, economist and political risk specialist, described the framework on Joy News’ PM Express Business Edition on October 12. He said the system aims to bring transparency and predictability to foreign exchange markets. “What you want is a clear and transparent process that you know in advance how much, let’s say, FX you need next week, next month, and then you can predict and provide that FX which is available,” he said.
Dr Acheampong responded to questions about whether the Finance Minister backs the arrangement and whether it might overlap with the Bank of Ghana’s functions. He confirmed GoldBod’s involvement is official and that the framework operates under the central bank’s watchful eye. “GoldBod has communicated this very clearly to the market. The information is out there on their website,” he added.
The economist emphasised that the Bank of Ghana remains responsible for addressing excessive exchange rate volatility. “Remember that as part of the FX framework, the central bank would step in if they see excessive volatility within the exchange rate. That is the function of a central bank,” he said.
Instability in the cedi, he said, would prompt action from the central bank. “So if you see the cedi being wobbly and being all over the place, what is a central bank to do? It’s meant to do its job.”
The introduction of GoldBod’s FX framework follows months of fluctuating exchange rates and concerns over dollar availability on Ghana’s foreign exchange market. By providing a transparent schedule and platform for dollar sales, the initiative aims to smooth supply and improve market confidence.
GoldBod’s role, under the Finance Ministry’s advisory, is to make dollar supply more predictable while the Bank of Ghana tackles excessive volatility. This arrangement seeks to balance market needs with regulatory control.
The $125 million sale on October 6 marks the programme’s first test in practice. The rollout under Bank of Ghana supervision raises questions about how this dual approach will play out as Ghana’s currency faces ongoing pressures.
The framework’s public details and scheduled sales may allow banks and businesses to plan foreign exchange needs better. Yet, the central bank’s commitment to intervene when necessary signals that volatility remains a threat requiring active monitoring.
For now, the market will watch how GoldBod’s role evolves alongside the Bank of Ghana’s traditional functions amid Ghana’s shifting economic landscape.
According to Joy Online.
