The Ghana Gold Board (GoldBod) generated a total of US$1.871 billion in foreign exchange (FX) in September 2026 from its artisanal and small-scale mining (ASM) gold trade operations, exceeding its monthly target of US$1.4 billion by US$471 million.
According to an FX generation and sales update issued by GoldBod’s Finance and Trading Directorate on Wednesday, September 30, 2026, the foreign exchange was generated in accordance with the Board’s statutory mandate under Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140).
The September performance represents a significant increase over the amount GoldBod had targeted to generate during the month, with the Board indicating that the funds were deployed through two main channels to support foreign exchange market stability and the accumulation of Ghana’s international reserves.
Out of the US$1.871 billion generated, US$701.3 million was sold to authorised commercial banks.
The amount marginally exceeded GoldBod’s monthly target of US$700 million for sales to commercial banks.
GoldBod said the allocation was intended to support stability in the foreign exchange market, providing commercial banks with additional foreign currency liquidity for their operations.
The Board’s September allocation to commercial banks therefore met and slightly surpassed the amount it had initially set aside for the purpose.
GoldBod also provided US$1.170 billion to the Bank of Ghana (BoG) during the month to support the accumulation of the country’s foreign exchange reserves.
The amount is substantially above the Board’s September target of US$700 million for the central bank.
The US$1.170 billion allocation represents an additional US$470 million over the announced target.
GoldBod said the provision forms part of its role in generating foreign exchange for Ghana and supporting broader efforts to strengthen the country’s reserve position.
Looking ahead, GoldBod has projected that it will generate US$1.5 billion in foreign exchange in October 2026 from its gold trading operations.
Under the October projection, the Board plans to make US$1 billion available to authorised commercial banks to support foreign exchange market stability.
It also expects to provide up to US$500 million to the Bank of Ghana to support the accumulation of foreign exchange reserves.
GoldBod said the October allocations will be undertaken in line with the Ghana Accelerated National Reserve Accumulation Programme (GANRAP).
The Board further disclosed that its October FX sales will be conducted under a newly developed Spot FX Sales/Intermediation Framework.
According to GoldBod, the framework is intended to strengthen transparency, fairness and regulatory compliance in the process through which foreign exchange generated from its operations is sold or intermediated.
The framework is expected to guide the allocation and sale of FX to market participants while ensuring that the Board’s operations remain aligned with applicable regulatory requirements.
GoldBod said it remains committed to its statutory responsibility to generate foreign exchange for Ghana through its gold trading operations.
The Board also pledged to continue working with relevant stakeholders as it carries out its mandate and contributes to efforts aimed at supporting foreign exchange market stability and strengthening the country’s reserves.
By 1960news.com
