By Daily Democrat News Desk
Ghana’s struggling cedi has made a remarkable turnaround against the US dollar, boosting hopes of relief to companies, importers, exporters and motorists as more foreign exchange liquidity in the market starts cushioning the domestic currency from pressures.
This is happening against a backdrop of increased dollar liquidity in the country, with the Ghana Gold Board (GoldBod) making additional dollar sales to commercial banks through a new scheme aimed at boosting dollar liquidity in the domestic market.
The local currency has strengthened for four days running, appreciating by almost 1.5 per cent from October 7, 2026, to close around GH¢11.65 to the dollar on October 15, indicative market figures reveal.
This is good news for an economy whose currency has serious impact on the companies and price of imported products, fuel, transport and other essential commodities.
For regular Ghanaians who are already worried about the increasing cost of fuel, one question that is now on their mind is whether the cedi strength will last long enough to bring some reprieve at the pump.
GOLDBOD DOLLAR POWER TAKES FLIGHT!
New data from GoldBod reveals that the board is pumping in significant volumes of foreign exchange in the banking system using dollars it receives from Ghana’s gold business.
On October 13, GoldBod disposed of $197 million to commercial banks. This was followed by another $85 million sales deal on October 15, giving the total of $282 million that it has been able to dispose of in the current week.
The sales transactions were done using the GoldBod GoFX platform that allows authorised banks to request for dollars through an orderly process that is supervised by the Bank of Ghana.
This follows GoldBod’s first spot foreign exchange sale of roughly $125 million in early October. The Board intends to pump up to $1 billion to commercial banks in the current month as part of a wider $1.5 billion foreign exchange scheme.
This scheme is meant to boost dollar availability in the domestic market, ease supply constraints and build confidence in the foreign exchange market.
The importance of this move is evident in that, instead of keeping foreign exchange generated through Ghana’s gold industry separate from the market, the scheme is enabling significant dollar liquidity to be injected
