Goldbod Generates $1.8 Billion In Foreign Exchange In September 2026; Targets $1.5 Billion For October 2026

The Ghana Gold Board (GoldBod) has generated US$1.871 billion in foreign exchange (FX) from its Artisanal and Small-Scale Mining (ASM) gold trade operations in September 2026, exceeding its monthly target of US$1.4 billion by US$471 million.

The strong performance represents 134 per cent of GoldBod’s announced target for the month, reinforcing the Board’s role in generating foreign exchange for Ghana through its gold trading operations.

According to GoldBod’s latest FX generation and Sales Update, US$701.3 million of the amount generated was sold to authorised commercial banks, slightly exceeding the set target of US$700 million. This was intended 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 set target of US$700 million, to support the accumulation of the foreign exchange reserves.

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.

In August 2026, GoldBod generated US$1.315 billion in foreign exchange. Of this amount, US$668.21 million was sold directly to commercial banks through spot sales and funded forward arrangements, while a further US$646.59 million was made available to the Bank of Ghana (BoG) for reserve accumulation under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

OCTOBER

For October 2026, GoldBod has set a foreign exchange generation target of US$1.5 billion.

Of the projected amount, US$1 billion will be made available to commercial banks to support FX market stability, while up to US$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).

GoldBod said the October programme will be implemented under its newly developed Spot FX Sales/Intermediation Framework, which is intended to strengthen transparency, fairness and regulatory compliance in the management of FX sales and intermediation by the GoldBod.

The October announcement 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 said it would continue to work closely with all stakeholders in executing its FX generation and sales programme.