GoldBod set to sell dollars to banks twice a week

The Ghana Gold Board (GoldBod) is introducing a new system that will allow approved commercial banks to buy US dollars from it twice a week. Under the new Spot FX and Intermediation Framework, GoldBod will normally sell dollars to banks on Tuesdays and Thursdays through its GoldBod GoFX platform. The move is expected to make it easier for banks to know when dollars will be available and make the process more open and organised. Government accepts GH¢1.77 billion of GH¢2.93 billion T-bill bids If banks request more dollars than GoldBod has available, the available amount will be shared among them based on their respective demands. The transactions will be completed on the same day. In a Facebook post, GoldBod stated that banks will submit their requests electronically through the GoFX platform. The platform will also record how much each bank receives and keep a record of all transactions. The new system will operate under the supervision of the Bank of Ghana and the Ministry of Finance. GoldBod said the arrangement will help make the foreign exchange market more transparent, fair and efficient. It could also help banks plan their dollar needs better because they will know the regular days on which GoldBod intends to sell foreign currency. The GoldBod GoFX platform is an electronic system that allows authorised commercial banks to request and receive US dollars from GoldBod. EXPLAINER: How criminals use real estate to hide illegal wealth Through the platform, banks can submit their dollar requests online instead of using a manual process. The system also records how much each bank receives, keeps a history of transactions and makes it easier to track and verify all dollar sales. The Bank of Ghana will also have access to the platform to monitor transactions and ensure that banks follow the required rules. DR/MA Inside Ghana’s Abandoned Engineering Powerhouse: What Went Wrong? Source: www.ghanaweb.com
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