Given the demand for forex ahead of the festivities, the Ghana Gold Board (GoldBod) has announced plans to inject US$1.5 billion in foreign exchange into the market in October 2026 to cushion the Ghana cedi and improve dollar liquidity.

In a notice shared on its official Facebook page on Thursday, October 22, the national gold trade regulator noted that it would supply some of the dollars to both commercial banks and the central bank.

“As part of its October 2026 programme, GoldBod plans to supply US$1 billion to authorised commercial banks and US$500 million to the Bank of Ghana for reserve accumulation,” parts of the post read.

According to GoldBod, the intervention is aimed at supporting the recovery and stability of the local currency amid a period of appreciation against the US dollar on the interbank market.

“With over three consecutive weeks of appreciation against the US dollar on the interbank market, GoldBod’s interventions are helping to improve dollar liquidity and ease pressure on the local currency. The Ghana Gold Board (GoldBod) continues to support the recovery and stability of the Ghana cedi through increased foreign exchange supply to the market,” the statement added.

GoldBod also cited a reported US$130 million spot foreign exchange sale at GH¢11.60 per dollar as part of its interventions.

“This follows a reported US$130 million spot FX sale at GH¢11.60 per dollar, reinforcing GoldBod’s commitment to foreign exchange market stability and Ghana’s broader economic recovery,” it added.

Meanwhile, the Finance Minister Dr Cassiel Ato Forson highlighted the impact and role of the Ghana Gold Board (BOD) in the country’s fiscal growth, citing it as a major complementary fiscal policy reform which has boosted foreign exchange inflows, strengthened reserves and complemented inflation-targeting efforts.

He disclosed this while presenting the 2026 Mid-Year Budget Review in Parliament on Thursday, July 23, noting that the initiative generated an additional $15 billion in foreign exchange inflows.

The policy, he stated, has helped curb gold smuggling, formalise the gold trade and ensure that a greater share of the country’s mineral wealth benefits the Ghanaian economy.

Presenting the 2026 Mid-Year Budget Review in Parliament on Thursday, July 23, he said the GoldBod was introduced as part of broader fiscal reforms aimed at supporting inflation targeting, ensuring exchange rate stability and strengthening Ghana’s external reserves.

He argues that the government's GoldBod policy is not merely a mining-sector initiative but a macroeconomic reform with broader economic benefits.

“Central to this reform was the establishment of the Ghana Gold Board (GoldBod) to curb gold smuggling, formalise the gold trade and ensure that a greater share of Ghana’s mineral wealth benefits the Ghanaian people. 90. Through this intervention, Ghana generated an additional US$15 billion in foreign exchange inflows from gold, significantly strengthening reserve accumulation and supporting exchange rate stability,” he told Parliament.

According to him, the policy also contributed to a marked improvement in the country’s current account balance, which increased from a surplus of 1.9% in 2024 to 8.3% in 2025.

“This single policy measure improved Ghana’s current account balance by 6.4 percentage points, from a surplus of 1.9 percent of GDP in 2024 to 8.3 percent of GDP in 2025. 92. This represents a fourfold increase in the current account surplus in just one year,” he stated.