GoldBod Rolls Out New GoFX Platform for Transparent Dollar Access to Banks
The Ghana Gold Board (GoldBod) has introduced a new Spot FX and Intermediation Framework to streamline access to US dollars for commercial banks.
The initiative, being rolled out through the GoldBod GoFX platform, is designed to give authorised banks predictable and transparent access to foreign exchange while improving efficiency in Ghana’s FX market.
Under the framework, GoldBod will ordinarily conduct spot FX sales twice a week, on Mondays and Wednesdays.
Where demand outstrips available dollars, allocations will be done on a pro-rata basis, with same-day settlement to ensure speed and certainty for participating banks.
The platform will digitise the entire process, allowing for electronic submissions, automated allocations, full transaction histories and audit trails, eliminating manual bottlenecks and improving accountability.
The framework will operate under the regulatory oversight of the Bank of Ghana and the Ministry of Finance and is expected to enhance transparency, fairness, regulatory compliance and efficiency in the allocation and use of foreign exchange.
The engagement with commercial banks forms part of GoldBod’s broader efforts to sanitise and stabilise the FX market and to ensure that dollar allocation is done in an open and traceable manner.
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