The Ghana Gold Board (GoldBod) announced on November 2, 2026, that its artisanal and small scale mining gold trading operations generated US$1.011 billion in foreign exchange in October 2026. The amount was sold to authorised commercial banks through its electronic GoldBod GoFX platform. This development is part of GoldBod's efforts to channel proceeds from Ghana's small scale gold industry into the domestic foreign exchange market and support the country's external reserve accumulation programme.
GoldBod is targeting US$1.2 billion in foreign exchange generation from its artisanal and small scale mining operations in November 2026, representing an increase of approximately 18.7 per cent over the amount reported for October. Of the anticipated November proceeds, US$800 million is expected to be supplied to commercial banks to strengthen dollar availability and support liquidity in the foreign exchange market. The proposed allocation represents approximately 66.7 per cent of the November target.
The Board's planned transactions will be conducted through its GoldBod GoFX platform in accordance with its approved Foreign Exchange Sales and Intermediation Framework. This framework establishes a structured mechanism through which foreign exchange generated from gold exports is distributed to participating financial institutions. Under the arrangements, participating banks are expected to submit their requests twice weekly, on Tuesdays and Thursdays.
In its September 30 announcement, GoldBod reported generating US$1.871 billion from small scale gold operations during September, exceeding its original US$1.4 billion target by US$471 million. Of September's proceeds, US$701.3 million was sold to commercial banks, while US$1.170 billion was transferred to the Bank of Ghana to strengthen international reserves. The Board had initially anticipated distributing US$700 million to each institution, meaning that both allocations exceeded their respective projections.
However, October's figures reveal an important departure from the previous month's arrangement. Before October commenced, GoldBod had announced a total foreign exchange generation target of US$1.5 billion, comprising US$1 billion earmarked for commercial banks and up to US$500 million intended for the Bank of Ghana's reserve accumulation programme. The subsequently reported October generation of US$1.011 billion therefore fell US$489 million short of the overall projection.
On October 20, 2026, GoldBod disclosed that it had aggregated and exported 85.4 tonnes of artisanal and small scale gold valued at US$11.6 billion between January 1 and October 20. During the same period, large scale mining companies reportedly exported 76 tonnes valued at US$11.1 billion. These figures demonstrate the considerable scale of the small scale gold trade.
The broader economic strategy behind these transactions is the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), covering the 2026 to 2028 period. Introduced by Finance Minister Dr Cassiel Ato Forson and subsequently passed by Parliament, the policy seeks to increase Ghana's international reserves to the equivalent of 15 months of import cover by the end of 2028.
Key points
- GoldBod generated US$1.011 billion from small scale gold trade in October 2026.
- GoldBod targets US$1.2 billion in foreign exchange generation from small scale gold operations in November 2026.
- The Ghana Accelerated National Reserve Accumulation Policy (GANRAP) aims to increase Ghana's international reserves to 15 months of import cover by 2028.
