GoldBod engages commercial banks on new Spot FX framework

The Ghana Gold Board (GoldBod) has engaged commercial banks on a new Spot Foreign Exchange (FX) and Intermediation Framework aimed at providing authorised banks with predictable and transparent access to US dollars.
Under the new framework, GoldBod will ordinarily conduct spot FX sales through the GoldBod GoFX platform on Tuesdays and Thursdays.
Where demand for US dollars exceeds the available foreign exchange, allocations will be made on a pro-rata basis to ensure fair access among participating banks.
Transactions under the framework will also be subject to same-day settlement.
The GoFX platform is expected to support electronic submission of bids, allocation of available FX, transaction histories and audit trails, providing greater visibility throughout the trading process.
The framework will operate under the regulatory oversight of the Bank of Ghana and the Ministry of Finance.
GoldBod said the initiative is intended to strengthen transparency, fairness, regulatory compliance and efficiency in Ghana’s foreign exchange market.
The engagement with commercial banks forms part of efforts to establish a more structured mechanism for FX intermediation while ensuring authorised financial institutions have clearer and more predictable access to the foreign exchange market.