Economist and political risk specialist Dr Theo Acheampong said GoldBod’s foreign exchange framework is designed to make dollar supply more predictable, while the Bank of Ghana will continue to manage excessive exchange‑rate volatility. The Finance Ministry’s Technical Advisor highlighted that transparency and advance planning are key to the arrangement.
On Joy News’ PM Express Business Edition, Acheampong explained that the framework should help the market anticipate foreign‑exchange needs and plan supply. “What you want is a clear and transparent process that you know in advance how much, let's say, FX you need next week, next month, and then you can predict and provide that FX which is available,” he said.
The comments came after host George Wiafe asked whether GoldBod’s involvement had the Finance Minister’s backing and whether it might overlap with the central bank’s duties. Acheampong confirmed that the framework is already in place and that GoldBod has made its details public on its website.
GoldBod launched its new Spot FX Sales and Intermediation Framework on 5 October. The scheme allows dollar sales to authorised commercial banks, typically on Tuesdays and Thursdays, through the GoFX platform. When demand exceeds supply, banks receive proportional allocations. The programme operates under the Bank of Ghana’s regulatory oversight, with the central bank granted real‑time access to the platform and to transaction reports after each sale.
GoldBod reported a maiden sale of approximately $125 million to commercial banks on 6 October under the new arrangement. Acheampong stressed that the central bank remains responsible for responding to sharp movements in the exchange rate. “Remember that as part of the FX framework, the central bank would step in if they see excessive volatility within the exchange rate. That is the function of a central bank,” he said.
He added that instability in the cedi would require the Bank of Ghana to act. “So if you see the cedi being wobbly and being all over the place, what is a central bank to do? It's meant to do its job,” Acheampong said.
