GoldBod Targets US$1.4bn in FX Generation for September Under New Financing Model

The Ghana Gold Board (GoldBod) is expected to generate US$1.4 billion in foreign exchange in September 2026, as the Board continues the implementation of a new collaborative financing model for its artisanal and small-scale mining (ASM) gold operations and the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

Under the September arrangement, US$700 million of the expected foreign exchange generation will be made available to commercial banks to support stability in the foreign exchange market, while up to US$700 million will be provided to the Bank of Ghana (BoG) for reserve accumulation under GANRAP.

The September projection follows GoldBod’s strong performance in August, its first month of implementation of the new financing model, which commenced on August 3, 2026.

GoldBod generated US$1.315 billion in foreign exchange during the month, of which US$668.21 million was sold directly to commercial banks through spot sales and funded forward arrangements, while US$646.59 million was made available to the BoG for reserve accumulation.

The new financing model follows consultations between GoldBod, the Ministry of Finance, the Bank of Ghana, commercial banks and other market stakeholders, following Cabinet and Parliamentary approval of GANRAP.

GoldBod says it remains committed to its statutory mandate of generating foreign exchange for Ghana and will continue to work transparently with stakeholders to support foreign exchange market stability and the accumulation of the country’s international reserves.

Following the end of its agency arrangement with the Bank of Ghana (BoG) under the Domestic Gold Purchase Programme, the Ghana Gold Board (GoldBod) has begun implementing its own business model in line with its statutory mandate.

The state institution, mandated to oversee Ghana’s gold trading sector and formalise the artisanal and small-scale mining (ASM) sector, has rapidly emerged as an important player in the country’s foreign exchange market.

Beyond supporting the BoG’s reserves and contributing to exchange-rate stability, GoldBod is now directly supporting commercial banks with foreign exchange to strengthen stability in the financial market.

Its performance in gold aggregation, foreign exchange generation, cedi stability and efforts to curb gold smuggling has attracted praise from economic and mining experts, with some describing the GoldBod model as a “game-changer” in how Ghana manages its gold resources and maximises their benefits to the wider economy.