The Ghana Gold Board (GoldBod) generated US$1.871 billion in foreign exchange (FX) from its artisanal and small-scale mining (ASM) gold trading operations in September 2026, exceeding its monthly target by US$471 million.
GoldBod had set a September foreign exchange generation target of US$1.4 billion. Its latest figures show that the institution achieved approximately 134 per cent of its target, marking another strong monthly performance in its efforts to convert Ghana’s gold resources into foreign exchange.
The September performance also represents an increase over the US$1.315 billion generated in August, when GoldBod began implementing a new collaborative financing model for its ASM gold operations.
GoldBod exceeds commercial bank FX target
Of the US$1.871 billion generated in September, US$701.3 million was sold to authorised commercial banks to support stability in Ghana’s foreign exchange market.
The amount marginally exceeded GoldBod’s target of US$700 million for sales to commercial banks.
The remaining US$1.170 billion was provided to the Bank of Ghana (BoG) to support the accumulation of the country’s foreign exchange reserves.
The amount provided to the central bank was significantly higher than the US$700 million target set for reserve accumulation during the month.
GoldBod said the foreign exchange transactions were undertaken as part of its statutory mandate under Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140).
GoldBod sets $1.5bn FX target for October
Following its September performance, GoldBod has set a US$1.5 billion foreign exchange generation target for October 2026.
Under the October programme, GoldBod plans to make US$1 billion available to commercial banks to support foreign exchange market stability.
A further US$500 million could be provided to the Bank of Ghana to support the accumulation of Ghana’s foreign exchange reserves under GANRAP.
The October programme represents a change in the way GoldBod’s foreign exchange sales and intermediation will be managed.
GoldBod to take full responsibility for FX intermediation
GoldBod says its October foreign exchange transactions will be conducted under a newly developed Spot FX Sales/Intermediation Framework.
According to the Board, the framework is designed to strengthen transparency, fairness and regulatory compliance in the management of foreign exchange sales and intermediation.
The October programme also marks the point at which GoldBod assumes full responsibility for foreign exchange intermediation, following the Bank of Ghana’s exit from that role.
The change forms part of a broader restructuring of Ghana’s gold-to-foreign-exchange operations, with GoldBod playing an increasingly central role in aggregating gold from the artisanal and small-scale mining sector and converting the proceeds into foreign exchange.
GoldBod’s growing role in Ghana’s foreign exchange market
GoldBod was established to oversee and formalise Ghana’s gold trading sector and has become an important source of foreign exchange for the country.
Its recent model links gold aggregation with foreign exchange generation, allowing proceeds from gold trading to be channelled either to commercial banks or the Bank of Ghana.
GoldBod has said its foreign exchange generation activities are intended to support stability in the FX market while helping the central bank build Ghana’s international reserves.
The latest September figures further highlight the growing role of gold in Ghana’s foreign exchange strategy, particularly as the country seeks to strengthen its reserves and maintain stability in the foreign exchange market.
With US$1.871 billion generated in September against a US$1.4 billion target, attention will now turn to whether GoldBod can meet its US$1.5 billion October target under the new Spot FX Sales/Intermediation Framework.
