GoldBod Supplies $668.21m Forex to Commercial Banks in August

The Ghana Gold Board (GoldBod) has emerged as a significant source of foreign exchange for commercial banks, supplying hundreds of millions of dollars to the formal banking system under a new collaborative financing model designed to strengthen liquidity and support stability in Ghana’s foreign exchange market.

In August 2026, GoldBod generated US$1.315 billion in foreign exchange, marking the first full month of implementation of the new financing arrangement. Of the total, US$668.21 million was sold directly to commercial banks through spot sales and funded forward arrangements.

A further US$646.59 million was made available to the Bank of Ghana (BoG) for the accumulation of international reserves under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

GoldBod said the direct supply of foreign exchange to commercial banks is intended to improve access to dollars within the formal financial system.

Commercial banks serve as a major channel through which businesses and individuals obtain foreign currency for legitimate transactions, international payments and other economic activities. The additional FX supplied by GoldBod is therefore expected to strengthen banks’ ability to meet demand and improve liquidity in the foreign exchange market.

The arrangement also creates a closer link between Ghana’s gold resources and the country’s foreign exchange market. Gold generated through artisanal and small-scale mining operations is aggregated and converted into foreign exchange, which is then channelled into the formal financial system and, in part, into the country’s international reserves.

The financing model commenced on August 3, 2026, following consultations involving GoldBod, the Ministry of Finance, the Bank of Ghana, commercial banks and other stakeholders.

Its implementation followed the approval of GANRAP by Cabinet and Parliament. The model provides a framework for financing GoldBod’s gold aggregation operations while simultaneously supporting foreign exchange generation, market stability and reserve accumulation.

The August figures represent the first full month under the arrangement, with the US$668.21 million supplied to banks supporting foreign exchange market liquidity and the US$646.59 million transferred to the BoG contributing to the accumulation of national reserves.

GoldBod is expected to build on its August performance by generating US$1.4 billion in foreign exchange in September 2026.

Under the September plan, US$700 million is expected to be made available to commercial banks to support foreign exchange market stability, while up to US$700 million will be provided to the Bank of Ghana for reserve accumulation under GANRAP.

The projected September figure is about US$85 million higher than the US$1.315 billion generated in August.

The increased flow is expected to provide continued support to Ghana’s external position by simultaneously improving FX availability within commercial banks and strengthening the country’s international reserve position.

GoldBod said it remains committed to its statutory mandate of generating foreign exchange for Ghana and will continue working with the Ministry of Finance, the Bank of Ghana, commercial banks and other stakeholders to implement the financing model transparently.

The development further positions Ghana’s gold sector as an important source of foreign exchange while linking gold aggregation more directly to financial-sector liquidity, exchange-rate stability and national reserve accumulation.