The Ghana Gold Board, known as GoldBod, has successfully generated $1.871 billion in foreign exchange from its Artisanal and Small-Scale Mining gold trade operations in September 2026. This figure not only surpasses the monthly target of $1.4 billion but also represents 134 percent of GoldBod's announced target for the month. The strong performance underscores the Board's crucial role in generating foreign exchange for Ghana through its gold trading operations.
According to GoldBod's latest FX generation and Sales Update, $701.3 million of the generated amount was sold to authorized commercial banks, slightly exceeding the set target of $700 million. This sale was intended to support stability in the foreign exchange market. Additionally, a further $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), which provides the statutory basis for the Board's foreign exchange generation activities from its gold trade operations. The update also mentioned that 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.
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 Bank of Ghana to support the building of Ghana's reserves in line with the Ghana Accelerated National Reserves Accumulation Policy (GANRAP).
The October program will be implemented under GoldBod's newly developed Spot FX Sales/Intermediation Framework, aimed at strengthening transparency, fairness, and regulatory compliance in the management of FX sales and intermediation by the GoldBod. This announcement also marks the exit of the Bank of Ghana 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 stated that it would continue to work closely with all stakeholders in executing its FX generation and sales program. This development is seen as a significant step towards enhancing the country's foreign exchange reserves and supporting economic stability.
GoldBod's performance in September and its targets for October reflect its critical role in Ghana's economy, particularly in the foreign exchange market. The Board's ability to exceed its targets and its plans for the future indicate a positive outlook for its contributions to Ghana's economic stability and growth.
Key points
- GoldBod generated $1.871 billion in foreign exchange in September 2026, exceeding its target.
- The Board targets $1.5 billion in foreign exchange for October 2026.
- GoldBod assumes full responsibility for FX intermediation in October, exiting the Bank of Ghana from this role.
