GoldBod Targets US$1.4 Billion in FX Generation for September

The Ghana Gold Board (GoldBod) has set a target to generate US$1.4 billion in foreign exchange (FX) in September 2026, as part of measures to support stability in Ghana’s foreign exchange market and boost the country’s international reserves.

The target follows GoldBod’s generation of US$1.315 billion in FX in August 2026 under a new financing model supporting its gold-purchasing operations in the artisanal and small-scale mining sector.

Of the projected US$1.4 billion for September, US$700 million is expected to be made available to commercial banks through spot sales and funded forward arrangements.

The move is intended to improve FX liquidity and help maintain stability in the foreign exchange market.

A further up to US$700 million will be provided to the Bank of Ghana (BoG) for reserve accumulation under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

GoldBod said it generated US$1.315 billion in FX in August following the implementation of the new financing model on August 3.

The August proceeds were distributed as follows:

US$668.21 million was sold to commercial banks through spot sales and funded forward arrangements.

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

The August performance pushed GoldBod’s monthly FX generation beyond the US$1.3 billion mark, with the proceeds broadly divided between supporting domestic FX liquidity and strengthening Ghana’s reserves.

The financing arrangement followed Cabinet and Parliament’s approval of the Ghana Accelerated National Reserve Accumulation Policy.

GoldBod subsequently engaged the Ministry of Finance, Bank of Ghana, commercial banks and other key stakeholders before introducing the new model.

The arrangement is focused on financing and supporting GoldBod’s operations involving gold purchased from Ghana’s artisanal and small-scale mining sector.

The International Monetary Fund has also noted GoldBod’s expanded role in domestic gold purchasing, a function previously associated with the Bank of Ghana. The shift is intended, among other objectives, to reduce quasi-fiscal risks to the central bank while strengthening GoldBod’s role in gold purchases, trade and exports.

GoldBod’s September target of US$1.4 billion represents an increase of US$85 million, or approximately 6.5%, over the US$1.315 billion generated in August.

If achieved, GoldBod’s combined FX generation for August and September will reach approximately US$2.715 billion.

Across the two months, commercial banks could receive up to approximately US$1.368 billion, while the Bank of Ghana could receive about US$1.347 billion for reserve accumulation, based on the reported allocations.

GoldBod’s Finance and Trading Directorate announced on August 31, 2026, reaffirming the institution’s commitment to generating foreign exchange for Ghana and working transparently with stakeholders.

GoldBod September FX target at a glance