The Bank of Ghana has significantly reduced its planned foreign exchange sales for September 2026, cutting its monthly target to US1.5 billion and US$1 billion targets set in previous months—as the newly implemented GoldBod financing model assumes a larger role in supplying dollars to the market .
Data obtained by JOYBUSINESS indicates that the central bank had injected approximately US$9.2 billion into the market through its FX support operations between January and August 2026 . However, the September reduction reflects a fundamental shift in how foreign exchange from the artisanal and small-scale mining sector is being channelled into the economy .
GoldBod’s New Model Reshapes Market
The Ghana Gold Board (GoldBod) has emerged as a significant source of foreign exchange for commercial banks following the rollout of a new collaborative financing model for its artisanal and small-scale mining gold operations . The model, which commenced implementation on 3 August 2026 after receiving Cabinet and Parliamentary approval under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), has already demonstrated its capacity .
In August 2026, GoldBod generated US668.21 million was sold directly to commercial banks through spot sales and funded forward arrangements, while the remaining US$646.59 million was allocated to the Bank of Ghana for reserve accumulation .
GoldBod has now set its sights on generating US700 million earmarked for commercial banks to support market stability and up to US$700 million to be provided to the central bank for reserve accumulation .
A Strategic Transition
The shift represents a significant departure from the previous financing structure, under which the Bank of Ghana served as an intermediary between GoldBod and commercial banks in facilitating foreign exchange . GoldBod Chief Executive Officer Sammy Gyamfi has disclosed that the agency formally requested the central bank to discontinue this intermediary role, citing recurring costs associated with the arrangement .
Since March 2026, GoldBod has ceased receiving funds from the Bank of Ghana to purchase gold on its behalf and has instead transitioned to raising its own financing directly from commercial banks and international off-takers . The agency raised close to US$839 million from gold off-takers between March and May 2026 alone to sustain purchases without central bank backing .
The transition follows the International Monetary Fund’s concerns that central bank involvement in commodity trading across multiple programme countries posed hidden fiscal risks and potential balance sheet damage . The Bank of Ghana subsequently withdrew from pre-financing gold purchases in mid-2026 .
Impasse Threatens Operations
However, the transition has not been without challenges. Reports indicate an ongoing impasse between GoldBod and the Bank of Ghana over the mechanism by which the Board can secure financing for gold purchases from local aggregators . The central bank has reportedly viewed GoldBod’s unilateral forex auctioning to commercial banks as inconsistent with its operating framework, arguing that a state-owned trading enterprise running parallel forex allocation mechanisms interferes with monetary policy and exchange rate stabilisation efforts .
Licensed buyers operating within GoldBod’s network have reportedly gone without payment for periods of up to three weeks as a result of the impasse, with some operators in the Ashanti and Western Regions pausing purchasing activity entirely .
Despite these challenges, fifteen commercial banks have expressed interest in providing financing for GoldBod’s gold purchases, a significant increase from fewer than five banks at the start of the operational strategy in August 2026 . Banks are reportedly competing for the opportunity to capture primary US dollar flows directly from gold exports, bypassing standard central bank distribution queues .
Cedi Shows Signs of Recovery
The Bank of Ghana has assured the market that it remains prepared to intervene when necessary to ensure orderly market conditions while preserving exchange rate flexibility . In August, the central bank targeted US911 million through its FX Intermediation Programme, conducted on a market-neutral basis via twice-weekly auctions to licensed commercial banks . The Bank has communicated that there were no direct FX interventions in August 2026 .
The cedi recorded a cumulative depreciation of 7.11% at the end of August, according to the Bank of Ghana . However, the currency’s year-to-date loss improved to 6.89% by the end of August, compared with 10.04% at the end of July . Average daily trading volume on the interbank market stood at about US628 million .
The July Monetary Policy Report indicated that the cedi came under intense pressure in May 2026 but has since recovered . Over the medium term, the Bank expects the cedi to remain relatively stable, with FX intermediation and remittance flows expected to help moderate pressure on the currency .
Analysts at Databank project the cedi will trade between GH¢10.95 and GH¢11.76 to the US dollar by the end of September, with expectations that the Bank of Ghana may modestly increase its foreign exchange support beyond US$1 billion as seasonal import demand builds ahead of the festive season .
