The Ghana Gold Board (GoldBod) generated 1,871 billion dollars in foreign exchange in September 2026 through its gold trading operations sourced from artisanal and small-scale mining. The public entity thereby exceeded its monthly target of 1,4 billion dollars by 471 million dollars, in a context where supplying the foreign exchange market and strengthening foreign currency reserves constitute priorities for the country.
A portion of these resources was directly injected into the Ghanaian financial system. GoldBod sold 701,3 million dollars to authorized commercial banks, slightly above its target of 700 million dollars.
These operations are intended to contribute to the supply of the foreign exchange market and its stability. The balance, amounting to 1,170 billion dollars, was made available to the Bank of Ghana to support the accumulation of foreign exchange reserves.
The allocation of the foreign exchange generated by GoldBod thus demonstrates the dual role assigned to the organization, between supplying the foreign exchange market and consolidating the country's international reserves. The performance in September follows an amount of 1,315 billion dollars generated in August.
Of this envelope, 668,21 million dollars had been sold to commercial banks as part of spot transactions and financed forward agreements, while 646,59 million dollars had been made available to the Bank of Ghana to strengthen the country's reserves. For October, however, GoldBod forecasts a lower level than that recorded in September, with a target of 1,5 billion dollars in foreign exchange.
Of this sum, 1 billion dollars is expected to be earmarked for commercial banks to support the functioning of the foreign exchange market, and the remaining 500 million USD are, for their part, intended for the Bank of Ghana as part of the national policy of accelerated reserve accumulation, known as GANRAP. This new programming comes as GoldBod prepares to fully take charge of foreign exchange intermediation.
Starting in October, operations will be conducted under a new spot sales and intermediation framework implemented by the organization, with the stated objectives of enhancing transparency, equity, and regulatory compliance. The change also marks the withdrawal of the Bank of Ghana from foreign exchange intermediation, with GoldBod now assuming this responsibility as part of its legal mandate.
These operations are based on the 2025 act establishing the Ghana Gold Board, which governs, among other things, the organization's foreign exchange generation activities from its gold trading operations. Through this mechanism, GoldBod intends to continue its role in supplying the foreign exchange market while contributing to the constitution of Ghana's international reserves.
Fanuelle YAO Published on 02/10/26 13:22 The Editorial Staff