GoldBod Generates US$1.315bn FX in August Under New Financing Model

The Ghana Gold Board (GoldBod) has generated US$1.315 billion in foreign exchange in August 2026 under a new collaborative financing model introduced to support its artisanal and small-scale mining (ASM) gold operations.

Of the total foreign exchange generated during the month, 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).

The August performance represents the first full month of implementation of the new financing model, which commenced on August 3, 2026, following consultations between GoldBod, the Ministry of Finance, the Bank of Ghana, commercial banks and other market stakeholders.

The financing arrangement was developed following the approval of GANRAP by Cabinet and Parliament and is intended to provide a collaborative framework for financing GoldBod’s gold aggregation operations while strengthening the connection between Ghana’s gold resources, foreign exchange generation and national reserve accumulation.

Through the August transactions, GoldBod provided significant foreign exchange liquidity to commercial banks while simultaneously supporting the Bank of Ghana’s efforts to accumulate reserves.

The US$668.21 million sold to commercial banks through spot and funded forward arrangements was aimed at supporting stability in the foreign exchange market, while the US$646.59 million made available to the Bank of Ghana formed part of the country’s overall macro stability.

GoldBod is set to build on the August performance in September, when it expects to generate US$1.4 billion in foreign exchange under the new model.

Of the projected September amount, US$700 million will be made available to commercial banks to support foreign exchange market stability, while up to US$700 million will be provided to the Bank of Ghana for reserve accumulation under GANRAP.

The September projection represents an increase of approximately US$85 million over the US$1.315 billion generated in August, pointing to a continued expansion of GoldBod’s foreign exchange generation activities under the new financing framework.

The arrangement further positions GoldBod’s gold aggregation activities as an important channel for converting Ghana’s gold production into foreign exchange while supporting the country’s broader reserve accumulation objectives.

GoldBod said it remains committed to its statutory mandate to generate foreign exchange for Ghana and will continue to work transparently with the Ministry of Finance, the Bank of Ghana, commercial banks and other market stakeholders.

The latest update was issued by the Finance and Trading Directorate of the Ghana Gold Board on August 31, 2026.