The Ghana Gold Board (GoldBod) has achieved a significant milestone in generating foreign exchange for the country, surpassing its September target by $471 million. In a statement, GoldBod announced that it generated $1.871 billion in foreign exchange from its artisanal and small-scale mining gold trade operations in September 2026. This strong performance represents 134 per cent of GoldBod's announced target for the month.
GoldBod's achievement is a significant boost to Ghana's foreign exchange earnings, with $701.3 million of the generated amount sold to authorised commercial banks. This slightly exceeded the set target of $700 million, which aimed to support stability in the foreign exchange market. The board's performance demonstrates its crucial role in generating foreign exchange for Ghana through its gold trading operations.
A further $1.170 billion was provided to the Bank of Ghana (BoG), significantly exceeding the set target of $700 million. This will support the accumulation of foreign exchange reserves, contributing to the country's economic stability. According to GoldBod, these FX sales are conducted in accordance with its mandate under Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140).
GoldBod's September performance builds on its previous achievements, with $1.315 billion generated in foreign exchange in August 2026. In August, $668.21 million was sold directly to commercial banks through spot sales and funded forward arrangements, while $646.59 million was made available to the BoG for reserve accumulation under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).
Looking ahead, 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 BoG to support the building of Ghana's reserves in line with GANRAP.
The October programme 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. Notably, this programme marks the exit of the BoG 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 pledged to continue working closely with all stakeholders in executing its FX generation and sales programme. The board's efforts are expected to contribute significantly to Ghana's economic growth and stability.
Key points
- GoldBod generated $1.871 billion in foreign exchange in September 2026, exceeding its target by $471 million.
- The board sold $701.3 million to authorised commercial banks and provided $1.170 billion to the Bank of Ghana.
- GoldBod aims to generate $1.5 billion in foreign exchange in October 2026, with a new framework for transparency and regulatory compliance.
