BoG Rules Out October FX Intermediation Amid GoldBod’s $1bn Bank Support
The Bank of Ghana says it will not conduct FX intermediation in October 2026 as GoldBod prepares a $1bn scheme to bolster commercial banks and reserves.
The Bank of Ghana has confirmed it will not launch an October 2026 foreign exchange intermediation programme. This follows a shift in strategy tied to the Ghana Gold Board's plan to channel $1 billion from gold export proceeds to commercial banks.
Market sources link the decision to the Gold Board's announced US$1.5 billion October FX inflows, with $1 billion earmarked for bank liquidity and $500 million for reserve replenishment under the Ghana Accelerated National Reserves Accumulation Policy. The central bank maintains readiness to intervene if market disorder arises, though it emphasizes preserving exchange rate flexibility.
Replenishing reserves drives this approach as Ghana's gross international reserves dipped to $12 billion in August 2026 amid cedi pressure and global shifts like Middle East developments. Gold remains central to financing, with GoldBod's Spot FX Sales/Intermediation Framework aiming to ensure transparent and fair transactions.
The central bank's September FX intervention targeted $500 million to stabilize markets ahead of these gold-backed measures, though full October implications depend on Gold Board execution.
