GoldBod targets US$1.4bn in forex generation for September

The Ghana Gold Board (GoldBod) is targeting US$1.4 billion in foreign exchange generation in September 2026, with the proceeds expected to be split between supporting commercial banks and strengthening the country’s international reserves.

The projection follows GoldBod’s generation of US$1.315 billion in foreign exchange in August under a new financing model introduced as part of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

Of the August proceeds, US$668.21 million was sold directly to commercial banks through spot sales and funded forward arrangements aimed at supporting stability in the foreign exchange market.

Another US$646.59 million was made available to the Bank of Ghana for reserve accumulation under GANRAP.

For September, GoldBod plans to make US$700 million available to commercial banks, while up to another US$700 million is expected to be channelled to the Bank of Ghana to boost the country’s reserves.

The financing arrangement follows consultations involving GoldBod, the Ministry of Finance, the Bank of Ghana, commercial banks and other market stakeholders after the approval of GANRAP by Cabinet and Parliament.

Implementation of the collaborative financing model for GoldBod’s artisanal and small-scale mining gold operations commenced on August 3, 2026.

The latest figures underscore the increasing importance of Ghana’s gold sector to foreign exchange generation, exchange rate stability and the accumulation of international reserves.

GoldBod said it would continue working with relevant stakeholders to implement the financing model while fulfilling its statutory mandate of generating foreign exchange for the country.