GoldBod generated $1.011bn in FX in October, projects $1.2bn for November

The Ghana Gold Board (GoldBod) is projecting to generate US$1.2 billion in foreign exchange from its artisanal and small-scale mining (ASM) gold trading activities in November 2026, with US$800 million expected to be channelled to commercial banks.

The target follows the Board's performance in October, when it generated US$1.011 billion from ASM gold transactions. The entire amount was sold to authorised commercial banks through the GoldBod GoFX platform to support stability in the foreign exchange market.

Under its November plan, GoldBod intends to allocate about two-thirds of the projected proceeds to commercial banks through the same platform, in accordance with its approved Foreign Exchange Sales and Intermediation Framework.

In a statement issued on November 2, the Board said the framework was designed to promote transparency, fairness and compliance with regulatory requirements in foreign exchange transactions.

Strengthening foreign exchange reserves

The November target forms part of Ghana's broader efforts to increase foreign exchange inflows and strengthen the country's external reserves.

GoldBod said it would sustain its contribution to the Bank of Ghana's reserve accumulation programme under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

The Board said its foreign exchange generation activities were backed by its statutory mandate under Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140), which provides for the generation of foreign exchange through the country's gold trading operations.

The planned US$800 million allocation is expected to boost foreign exchange availability for commercial banks during November.

However, the extent of its impact on market conditions will depend on the timing of the transactions and how the proceeds are distributed across the banking sector.