GoldBod’s intervention in forex market gives cedi modest reprieve; one dollar going for GH¢12.15 at forex bureaus

The intervention by GoldBod in the foreign exchange market in the last three weeks has given the cedi a modest reprieve. The Board injected a US$130 million spot foreign exchange sale at GH¢11.60 per dollar to shore up the value of the local currency By the close of the fortnight, the local currency modestly clawed back some losses in the interbank market. It appreciated 1.20% against the US dollar and pound sterling to close trading at GH¢11.65 per US dollar and GH¢15.57 per pound sterling, respectively. It also gained 0.16% against the euro to sell at GH¢13.04. In the retail market, the cedi held steady against the American greenback to trade at GH¢12.10. It appreciated by 0.32% against the pound to sell at GH¢15.85 and 1.11% against the euro to trade at GH¢13.50 to the euro. As part of its October 2026 programme, GoldBod planned to supply US$1 billion to commercial banks and provide an additional US$500 million to the Bank of Ghana for reserve accumulation. The planned US$1.5 billion supply forms part of its broader foreign exchange intervention programme, which it says is aimed at supporting the recovery and stability of the local currency. Meanwhile, the cedi began this week going for GH¢12.15 against the US dollar in the retail market. Its year-to-date loss is about 9.0%.