The Ghana Gold Board (GoldBod) has sold about US$125 million to commercial banks in its first foreign exchange (FX) auction under its new Spot FX Sales and Intermediation Framework, Joy Business reported on Thursday, October 8, 2026. The auction was held on Tuesday, October 6.
The sale is the first tranche of a planned US$1 billion that GoldBod intends to supply to commercial banks during October, using dollars earned from gold trading in the artisanal and small-scale mining sector.
It comes as the Bank of Ghana (BoG) has signalled that it does not expect to run its own FX intermediation programme in October, leaving GoldBod as the main scheduled supplier of dollars to banks this month.
The details of the framework were presented at a meeting between GoldBod and commercial banks before the rollout.
GoldBod sells US$125 million in first GoFX auction
The US$125 million was allocated through GoldBod’s GoFX platform, which is designed to give authorised banks more predictable and transparent access to US dollars.
According to Joy Business, the move forms part of efforts to strengthen transparency, fairness and regulatory compliance in the foreign exchange market.
The first auction represents about 12.5% of the US$1 billion GoldBod plans to sell to banks this month.
How the GoldBod spot FX auction works
Under the framework, GoldBod sells dollars to banks twice a week, on Tuesdays and Thursdays. Banks must submit their requests within a designated sales window.
Where demand from banks exceeds the dollars available in a tranche, allocations are made on a pro-rata basis.
Settlement happens the same day. The US dollar leg must be completed by 3:00pm and the cedi leg by 4:00pm.
- Sales days: Tuesdays and Thursdays
- Platform: GoldBod GoFX
- Allocation: Pro-rata when demand exceeds supply
- Dollar settlement: By 3:00pm same day
- Cedi settlement: By 4:00pm same day
Rules to stop speculation on the dollar
Banks taking part must declare that their requests are backed by genuine unmet FX demand or evidence of a short position. They must also comply with Bank of Ghana rules and directives.
The Bank of Ghana has real-time access to the GoFX platform and receives a transaction report after each sale.
GoFX also records electronic submissions and allocations, time-stamps transactions and keeps transaction histories and audit trails to support post-trade verification.
GoldBod October FX plan compared with September
GoldBod generated US$1.871 billion in FX in September, beating its US$1.4 billion target. For October, it projects total FX sales of about US$1.5 billion. Readers can see how the September target was set in our earlier report, GoldBod to Generate $1.4bn Forex in September.
- Total FX: US$1.871bn in September vs about US$1.5bn projected for October
- Commercial banks: US$701.3m in September vs about US$1bn planned for October
- Bank of Ghana: US$1.170bn in September vs up to US$500m planned for October
- First October auction: about US$125m sold to banks
The US$500 million earmarked for the Bank of Ghana is meant to support reserve accumulation under the Ghana Accelerated National Reserves Accumulation Policy (GANRAP).
Why the GoldBod dollar sales matter for the cedi
The cedi had depreciated 10.76% cumulatively by the end of September 2026, trading at about GH¢11.71 per US dollar, according to BoG data cited by Business Post and GhanaWeb.
Ghana’s gross international reserves fell to just over US$12 billion in August 2026.
In September, the BoG sold US$500 million to banks under its own intermediation programme through twice-weekly auctions. It has not given an official reason for skipping an October programme but says it remains prepared to intervene where necessary.
What it means for businesses and importers
A steady, scheduled supply of dollars to banks is intended to ease pressure on importers and businesses that need foreign currency to pay suppliers abroad.
Because requests must be tied to real demand, the framework aims to channel dollars to genuine customer needs rather than speculative positions.
How much the sales help the cedi will depend on the timing and execution of the remaining tranches.
What happens next
GoldBod’s auctions continue every Tuesday and Thursday for the rest of October, with about US$875 million of the US$1 billion bank allocation still to be sold after the first auction.
The Bank of Ghana will continue to receive reports after each sale. More information on the board’s mandate is available from the Ghana Gold Board.
Key details at a glance
- GoldBod sold about US$125 million to commercial banks in its first FX auction.
- The auction was held on Tuesday, October 6, 2026, via the GoFX platform.
- GoldBod plans to sell about US$1 billion to banks in October.
- Up to US$500 million will go to the Bank of Ghana for reserves.
- Sales run on Tuesdays and Thursdays with same-day settlement.
- Banks must prove genuine unmet FX demand or a short position.
- The BoG does not expect to run its own FX intermediation in October.
FAQs
How much did GoldBod sell in its first FX auction?
GoldBod sold about US$125 million to commercial banks in its first auction under the new Spot FX Sales and Intermediation Framework, held on October 6, 2026.
How often does GoldBod sell dollars to banks?
GoldBod sells US dollars to banks twice a week, on Tuesdays and Thursdays, through its GoFX platform.
Can anyone buy dollars from GoldBod’s GoFX platform?
No. The platform is for authorised commercial banks, which must show their requests are backed by real unmet FX demand or a short position.
GoldBod’s US$125 million maiden auction marks the start of a US$1 billion dollar-supply programme for banks in October, as the Bank of Ghana steps back from its own intermediation this month. With strict anti-speculation rules and BoG oversight, the twice-weekly sales will be closely watched for their effect on FX liquidity and the cedi.
