GoldBod exceeds September FX target by US$471m

The Ghana Gold Board, GoldBod, has reported a significant achievement in its foreign exchange generation efforts, exceeding its September target by US$471 million. In September 2026, GoldBod generated US$1.871 billion in foreign exchange from its Artisanal and Small-Scale Mining gold trading operations. This performance represents 134 percent of GoldBod's target for the month, demonstrating a strong showing for the Board.

GoldBod sold US$701.3 million of the generated foreign exchange to authorised commercial banks, slightly exceeding the US$700 million target. The sale was intended to support FX market stability, according to the Board. This move is part of GoldBod's efforts to work closely with stakeholders in executing its FX generation and sales programme.

In addition to the commercial bank sales, GoldBod provided a further US$1.170 billion to the Bank of Ghana against a target of US$700 million. This injection of funds is aimed at supporting the accumulation of the country's foreign exchange reserves. The latest figures represent an increase from August, when GoldBod generated US$1.315 billion in foreign exchange.

The August performance included US$668.21 million sold to commercial banks and US$646.59 million made available to the Bank of Ghana for reserve accumulation under the Ghana Accelerated National Reserve Accumulation Policy. GoldBod's consistent performance in generating foreign exchange is seen as a positive development for Ghana's economy.

Looking ahead, GoldBod has set a foreign exchange generation target of US$1.5 billion for October. The Board plans to make US$1 billion of the projected amount available to commercial banks to support stability in the foreign exchange market. Up to US$500 million will be provided to the Bank of Ghana to support reserve accumulation.

The October programme will be implemented under GoldBod's newly developed Spot FX Sales/Intermediation Framework. This framework aims to strengthen transparency, fairness, and regulatory compliance in the management of foreign exchange sales and intermediation. Notably, the October programme marks the exit of the Bank of Ghana from FX intermediation, with GoldBod assuming full responsibility for the process.

GoldBod has reaffirmed its commitment to its statutory mandate, stating that it remains dedicated to generating foreign exchange for Ghana. The Board will continue to work closely with all stakeholders in executing its FX generation and sales programme. The bigger question now is whether these record foreign exchange inflows can translate into a stronger cedi, lower pressure on businesses, and ultimately a meaningful improvement in the cost of living for Ghanaians.

Key points

• GoldBod generated US$1.871 billion in foreign exchange from gold trading in September, exceeding its target by US$471 million.
• The Board sold US$701.3 million to commercial banks and provided US$1.170 billion to the Bank of Ghana to support reserve accumulation.
• GoldBod has set a US$1.5 billion foreign exchange generation target for October, with US$1 billion to be made available to commercial banks.