The Ghana Gold Board (GoldBod) announced on September 30, 2026, that it had generated US$1.871 billion in foreign exchange from its artisanal and small-scale mining (ASM) gold trade operations in September 2026. This amount exceeded the monthly target of US$1.4 billion. According to GoldBod, the proceeds were generated in line with its statutory mandate under Section 2(b) of Act 1140, which requires the institution to support Ghana's foreign exchange needs.
Of the total amount generated, US$701.3 million was sold to authorised commercial banks, marginally surpassing the monthly target of US$700 million. This was done to support stability in the foreign exchange market. A further US$1.170 billion was provided to the Bank of Ghana (BoG), significantly exceeding the central bank's US$700 million target. The funds will support the accumulation of the country's foreign exchange reserves.
GoldBod said the September figures demonstrated its continued contribution to Ghana's foreign exchange market and reserve-building efforts. The institution remains committed to fulfilling its statutory responsibility to generate foreign exchange for Ghana. GoldBod will continue working with the Bank of Ghana, commercial banks, and other stakeholders to achieve its goals.
For October 2026, GoldBod projects that it will generate US$1.5 billion in foreign exchange from its operations. Under the October plan, US$1 billion of the expected proceeds will be made available to authorised commercial banks to support foreign exchange market stability. Up to US$500 million will be provided to the Bank of Ghana to support reserve accumulation in line with the Ghana Accelerated National Reserves Accumulation Programme (GANRAP).
GoldBod's October allocations will be undertaken under its newly developed Spot FX Sales/Intermediation Framework. This framework is intended to strengthen transparency, fairness, and regulatory compliance in the sale and intermediation of foreign exchange. The institution's efforts aim to ensure that Ghana's foreign exchange market remains stable and that the country's reserves continue to accumulate.
The GoldBod's performance in September and its projections for October demonstrate its crucial role in supporting Ghana's economy. The institution's contributions to the country's foreign exchange market and reserve-building efforts are significant. GoldBod's commitment to transparency and regulatory compliance will help maintain confidence in Ghana's foreign exchange market.
GoldBod's efforts to generate foreign exchange for Ghana are ongoing. The institution's work with the Bank of Ghana, commercial banks, and other stakeholders will continue to support the country's economic growth. With its projections for October and its commitment to transparency, GoldBod is well-positioned to continue contributing to Ghana's economic development.
Key points
- GoldBod generated US$1.871 billion in foreign exchange from its artisanal and small-scale mining gold trade operations in September 2026.
- The institution exceeded its monthly target of US$1.4 billion and sold US$701.3 million to authorised commercial banks.
- GoldBod projects generating US$1.5 billion in foreign exchange for October 2026, with US$1 billion to be made available to authorised commercial banks.
