The Ghana Gold Board (GoldBod) announced that it generated US$1.871 billion in foreign exchange in September 2026, surpassing its monthly target of US$1.4 billion. This significant achievement marks a substantial increase in foreign exchange earnings for the country. According to GoldBod, US$701.3 million of the generated foreign exchange was sold to authorised commercial banks. The institution provided US$1.170 billion to the Bank of Ghana for reserve accumulation.
GoldBod's September performance follows the generation of US$1.315 billion in foreign exchange in August 2026. In August, the institution sold US$668.21 million directly to commercial banks through spot sales and funded forward arrangements. Additionally, US$646.59 million was provided to the Bank of Ghana for reserve accumulation under the Gold for Reserves Accumulation Programme (GANRAP). This consistent growth in foreign exchange earnings indicates a positive trend for Ghana's economy.
Looking ahead, GoldBod is targeting US$1.5 billion in foreign exchange for October 2026 under its new Spot FX Sales/Intermediation Framework. The new framework aims to strengthen transparency, fairness, and regulatory compliance in foreign exchange intermediation. This framework is designed to provide a more structured approach to foreign exchange sales while supporting foreign exchange availability and the accumulation of the country's reserves.
Effective October 2026, GoldBod will assume full responsibility for foreign exchange intermediation. This new arrangement intends to provide a more structured approach to foreign exchange sales while supporting foreign exchange availability and the accumulation of the country's reserves. By taking on this responsibility, GoldBod aims to enhance the efficiency and transparency of foreign exchange transactions in Ghana.
GoldBod's September foreign exchange generation represents a US$556 million increase over the US$1.315 billion recorded in August. This significant increase demonstrates the institution's ability to exceed its targets and contribute to the country's economic growth. The achievement also highlights the effectiveness of GoldBod's strategies in generating foreign exchange.
The Ghana Gold Board's performance is crucial for the country's economy, as foreign exchange earnings play a vital role in supporting economic growth and stability. GoldBod's ability to exceed its targets and assume full responsibility for foreign exchange intermediation will likely have a positive impact on Ghana's economy. The institution's efforts to strengthen transparency and regulatory compliance will also contribute to a more stable economic environment.
GoldBod's announcement comes as the institution prepares to begin full responsibility for FX intermediation under the new framework. The October target of US$1.5 billion in foreign exchange will be a key indicator of the institution's performance under the new arrangement. As GoldBod continues to play a critical role in Ghana's economy, its performance will be closely monitored by stakeholders.
Key points
- GoldBod generated US$1.871 billion in foreign exchange in September, exceeding its target by US$471 million.
- The institution is targeting US$1.5 billion in foreign exchange for October 2026 under its new Spot FX Sales/Intermediation Framework.
- GoldBod will assume full responsibility for foreign exchange intermediation effective October 2026.
