BoG signals no FX intermediation for October as GoldBod plans $1bn support for banks

The Bank of Ghana (BoG) has signalled that it does not anticipate undertaking a foreign exchange (FX) intermediation programme in the market in October 2026.

JOYBUSINESS understands that the decision is linked to the revised arrangement for foreign exchange receipts from gold in the artisanal and small-scale mining sector.

The central bank, however, says it remains ready to intervene in the FX market if necessary to maintain orderly market conditions.

It told market players that it “remains prepared to undertake Forex Interventions, where necessary to ensure continued orderly market conditions while preserving overall exchange rate flexibility.”

Although the BoG has not provided an official reason for the absence of an October FX intervention programme, some market players are linking the development to plans by the Ghana Gold Board (GoldBod) to support the FX market with proceeds from gold exports.

In its September market update, GoldBod indicated plans to generate about US$1.5 billion in foreign exchange in October.

Of this amount, US$1 billion is expected to be made available to commercial banks to support stability in the FX market.

Up to US$500 million will also be provided to the Bank of Ghana to support the accumulation of reserves in line with the Ghana Accelerated National Reserves Accumulation Policy (GANRAP).

The transactions are expected to be carried out under GoldBod’s newly developed Spot FX Sales/Intermediation Framework, which is intended to strengthen transparency, fairness and regulatory compliance.

There are also reports that the Bank of Ghana is currently placing greater emphasis on rebuilding its reserves amid recent pressure on the cedi and developments in the Middle East.

The focus comes after Ghana’s gross international reserves fell to just over US$12 billion in August 2026.

September FX market

In September, the Bank of Ghana announced a target of US$500 million under its FX intermediation programme.

The central bank ended the month by selling exactly US$500 million.

According to the BoG, the sales were conducted in a market-neutral manner on a spot basis through twice-weekly auctions to all licensed commercial banks.

The central bank also communicated to banks that there were no direct FX interventions during September 2026.

Cedi performance

The Bank of Ghana said the Ghana cedi had depreciated cumulatively by 10.76% as of the end of September, with the currency trading at GH¢11.71 per US dollar.

During the month, average daily trading volume on the interbank FX market stood at US$23.71 million.

The total monthly interbank trading volume was US$497 million.

The developments come as the BoG and GoldBod adjust their approaches to managing foreign-exchange liquidity, with GoldBod expected to channel a significant portion of its gold export proceeds into the market in October.