The Ghana Gold Board (GoldBod) has generated $1.871 billion in foreign exchange (FX) from its artisanal and small-scale mining (ASM) gold trade operations in September 2026, exceeding its monthly target of $1.4 billion by $471 million.
The strong performance represents 134 per cent of GoldBod’s announced target for the month, reinforcing the board’s role in generating foreign exchange for Ghana through its gold trading operations.
GoldBod, in a statement, said $701.3 million of the amount generated was sold to authorised commercial banks, slightly exceeding the set target of $700 million, intended to support stability in the foreign exchange market.
It said a further $1.170 billion was provided to the Bank of Ghana (BoG), significantly exceeding the set target of $700 million, to support the accumulation of foreign exchange reserves.
“These FX sales are conducted in accordance with GoldBod’s mandate under Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140), which provides the statutory basis for the Board’s foreign exchange generation activities from its gold trade operations,” the statement said.
Background
In August this year, GoldBod generated $1.315 billion in foreign exchange, out of which $668.21 million was sold directly to commercial banks through spot sales and funded forward arrangements, while $646.59 million was made available to the BoG for reserve accumulation under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).
For October 2026, GoldBod has set a foreign exchange generation target of $1.5 billion.
Of the projected amount, $1 billion will be made available to commercial banks to support FX market stability, while up to $500 million will be provided to the BoG to support the building of Ghana’s reserves in line with GANRAP.
GoldBod said the October programme would be implemented under its newly developed Spot FX Sales/Intermediation Framework, which is intended to strengthen transparency, fairness and regulatory compliance in the management of FX sales and intermediation by GoldBod.
The October programme also marks the exit of the BoG from FX intermediation and the assumption of full responsibility for FX intermediation by GoldBod.
The board reaffirmed its commitment to its statutory mandate to generate foreign exchange for Ghana and said it would continue to work closely with all stakeholders in executing its FX generation and sales programme.
