The Ghana Gold Board announced on Friday 16 October that it had sold 282 million dollars to commercial banks in two operations carried out on 13 and 15 October. These sales feed Ghana's banking market with foreign currency derived from gold trade.
The sale on Tuesday 13 October totalled 197 million dollars, followed by 85 million on Thursday 15 October. The transactions were conducted through the GoFX digital platform, under the real-time monitoring of the Bank of Ghana, the public body specified.
These new amounts add to the 255 million dollars sold on 6 and 8 October, in amounts of 125 million and then 130 million, according to the tally published on 12 October by Joy Business. These are sales to commercial banks, separate from the resources allocated to the central bank's reserves.
Under the framework presented by GoldBod on 5 October, banks submit their requests within a set window. When needs exceed the available sum, allocations are distributed pro rata. Requests must correspond to genuine client needs or to a foreign exchange position to be covered.
The scheme provides for same-day settlement. Banks receive dollars in exchange for cedis, which GoldBod then uses to finance its gold purchases, according to the presentation of its operations published on Friday.