The Ghana Gold Board (GoldBod) generated $1.871 billion in foreign exchange (FX) from artisanal and small-scale mining gold trade in September 2026, surpassing its $1.4 billion target. This figure was announced by GoldBod’s Finance and Trading Directorate on Wednesday, September 30.
Of the total amount, $701.3 million was sold to authorized commercial banks, slightly above the $700 million target set to support FX market stability. Meanwhile, $1.170 billion was provided to the Bank of Ghana, exceeding the $700 million target aimed at boosting the country’s foreign reserves.
GoldBod’s operations fall under the statutory mandate outlined in Section 2(b) of Act 1140, which guides the institution’s role in managing gold exports and FX sales. The Board’s performance in September reflects a strong contribution to Ghana’s FX supply, especially at a time when the Bank of Ghana has been working to stabilize the cedi and rebuild reserves.
Looking ahead, GoldBod expects to generate $1.5 billion in FX sales in October. The plan includes making $1 billion available to commercial banks to maintain FX market stability, while allocating up to $500 million to the Bank of Ghana for reserve accumulation. This approach aligns with the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), a government strategy to strengthen the country’s foreign reserves.
GoldBod also announced that October transactions will follow a new Spot FX Sales/Intermediation Framework. The Board said this framework will improve transparency, fairness, and regulatory compliance in its FX dealings.
The Board reaffirmed its role in generating foreign exchange for Ghana and said it will continue working with relevant stakeholders to carry out its mandate.
The strong FX sales numbers come amid ongoing concerns over Ghana’s economic stability, currency volatility, and the need for steady foreign reserves. GoldBod’s performance in September suggests artisanal and small-scale mining remain major sources of FX inflows, supporting broader financial stability efforts.
As Ghana enters the final quarter of 2026, the ability of GoldBod to maintain or increase FX sales will be closely watched by investors, policymakers, and market participants. Its activities will influence the cedi’s performance and the Bank of Ghana’s capacity to manage external shocks.
GoldBod’s announcement signals a positive development but also raises questions about the sustainability of such high FX generation from the ASM sector, which faces challenges including regulatory pressure and fluctuating gold prices.
For now, the country’s foreign exchange market has a significant boost from GoldBod’s September performance, contributing to the Bank of Ghana’s reserves and offering some relief to commercial banks struggling to meet FX demand.
According to 3News.
