The Ghana Gold Board, known as GoldBod, has announced that it generated $1.871 billion in foreign exchange from its artisanal and small-scale mining gold trading operations in September 2026. This significant achievement exceeded the Board's monthly target of $1.4 billion by $471 million. According to GoldBod, this substantial revenue was generated in accordance with its mandate under section 2(b) of ACT 1140.
GoldBod's Finance and Trading Directorate revealed that out of the total forex generated, $701.3 million was sold to authorised commercial banks. This figure slightly exceeded the set target of $700 million. The sales were intended to support FX market stability, a crucial aspect of Ghana's economic management. By providing foreign exchange to commercial banks, GoldBod aims to help stabilise the forex market and promote economic growth.
In addition to the sales to commercial banks, GoldBod provided $1.170 billion to the Bank of Ghana against a target of $700 million. This substantial injection of foreign exchange was intended to support the accumulation of the country's reserves. The reserve accumulation is in line with the Ghana National Reserves and Accumulation Programme (GANRAP), which aims to build up Ghana's foreign exchange reserves.
Looking ahead to October 2026, GoldBod has projected that it will generate $1.5 billion in foreign exchange. The Board plans to make $1 billion of this amount available to commercial banks to support forex market stability. Additionally, up to $500 million will be provided to the Bank of Ghana to support reserve accumulation. This forward-looking approach demonstrates GoldBod's commitment to its statutory mandate.
To ensure the smooth conduct of its forex sales, GoldBod has developed a new Spot FX Sales/Intermediation Framework. This framework is designed to strengthen transparency, fairness, and regulatory compliance in the Board's operations. By implementing this framework, GoldBod aims to enhance the efficiency and effectiveness of its forex sales processes.
GoldBod has reaffirmed its commitment to its statutory mandate to generate foreign exchange for Ghana. The Board stated that it will continue to work closely with all stakeholders to achieve its objectives. This collaborative approach is essential in ensuring that GoldBod's operations align with the broader economic goals of Ghana.
The Ghana Gold Board's achievement in generating $1.871 billion in forex in September 2026 is a significant milestone. The Board's efforts to support FX market stability and reserve accumulation are crucial in promoting economic growth and stability in Ghana. As GoldBod continues to work towards its objectives, its operations will likely have a positive impact on Ghana's economy.
Key points
- GoldBod generated $1.871 billion in forex from artisanal and small-scale mining gold trading in September 2026.
- The Board sold $701.3 million to authorised commercial banks and provided $1.170 billion to the Bank of Ghana.
- GoldBod projects generating $1.5 billion in forex in October 2026.
