Economist and political risk expert Dr. Theo Acheampong explains that GoldBod’s foreign exchange framework is designed to make the supply of dollars more predictable, while the Bank of Ghana continues to manage significant fluctuations in the exchange rate. According to the Finance Ministry’s Technical Advisor, transparency and forward planning are key elements of the system. Appearing on Joy News’ PM Express Business Edition, Dr. Acheampong noted that the framework should enable the market to anticipate foreign exchange requirements and plan accordingly.
“The goal is to have a transparent process where, ahead of time, you know how much FX will be needed next week or next month, allowing you to forecast and provide the necessary foreign exchange,” he explained. His remarks came in response to host George Wiafe’s question about whether GoldBod’s initiative had the support of the Finance Minister, as well as concerns about possible overlap with the central bank’s duties.
Dr. Acheampong clarified that the framework is already in effect and that GoldBod has made the details publicly available. “GoldBod has communicated this clearly to the market. The information can be found on their website,” he stated. GoldBod unveiled its new Spot FX Sales and Intermediation Framework on October 5.
The framework allows for the sale of dollars to authorised commercial banks, typically on Tuesdays and Thursdays, via the GoFX platform. When demand exceeds the available supply, banks receive proportional shares. The programme operates under the regulatory supervision of the Bank of Ghana, which has real-time access to the platform and receives transaction reports after each sale. GoldBod reported its first sale of approximately $125 million to commercial banks on October 6, under the new scheme.
Dr. Acheampong emphasized that the central bank remains responsible for addressing sharp movements in the exchange rate. “As part of the FX framework, the central bank will intervene if there is excessive volatility in the exchange rate. That is the role of a central bank,” he said. He added that instability in the cedi would prompt action from the Bank of Ghana: “If the cedi becomes unstable, it is the central bank’s duty to respond.”
