The Ghana Gold Board (GoldBod) has successfully generated $1.871 billion in foreign exchange from its Artisanal and Small-Scale Mining gold trade operations in September 2026. This achievement surpasses the monthly target of $1.4 billion by $471 million, representing 134 percent of the announced target. According to GoldBod, this strong performance reinforces its role in generating foreign exchange for Ghana through gold trading operations.
GoldBod's latest FX generation and Sales Update reveals that $701.3 million of the generated amount was sold to authorized commercial banks, slightly exceeding the set target of $700 million. This sale aims to support stability in the foreign exchange market. Additionally, $1.170 billion was provided to the Bank of Ghana to support the accumulation of foreign exchange reserves, significantly exceeding the set target of $700 million.
These FX sales are conducted in accordance with GoldBod's mandate under Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140). The Act provides the statutory basis for GoldBod's foreign exchange generation activities from its gold trade operations. In August 2026, GoldBod generated $1.315 billion in foreign exchange, with $668.21 million sold directly to commercial banks and $646.59 million made available to the Bank of Ghana for reserve accumulation.
GoldBod has set a foreign exchange generation target of $1.5 billion for October 2026. 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 Bank of Ghana to support the building of Ghana's reserves. The October program will be implemented under GoldBod's newly developed Spot FX Sales/Intermediation Framework.
The Spot FX Sales/Intermediation Framework aims to strengthen transparency, fairness, and regulatory compliance in the management of FX sales and intermediation by GoldBod. This development marks the exit of the Bank of Ghana from FX intermediation and the assumption of full responsibility for FX intermediation by GoldBod.
GoldBod reaffirmed its commitment to its statutory mandate to generate foreign exchange for Ghana and stated that it would continue to work closely with all stakeholders in executing its FX generation and sales program. The Board's efforts are crucial in supporting Ghana's economic growth and stability.
Sammy Gyamfi reported that GoldBod's performance is a significant achievement, demonstrating the Board's ability to generate substantial foreign exchange for Ghana. With a strong track record, GoldBod is poised to continue playing a vital role in Ghana's economic development.
Key points
- GoldBod generated $1.871 billion in foreign exchange for September, exceeding its target.
- GoldBod sets a new target of $1.5 billion for October 2026.
- The Board assumes full responsibility for FX intermediation, exiting the Bank of Ghana from this role.
