The Ghana Gold Board (GoldBod) is expected to generate US$1.4 billion in foreign exchange in September 2026, with half of the amount earmarked for commercial banks and the rest going towards Ghana’s reserve accumulation programme.
According to GoldBod, US$700 million of the September proceeds will be made available to commercial banks to support stability in the foreign exchange market.
Up to another US$700 million will be provided to the Bank of Ghana (BoG) for reserve accumulation under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).
The announcement follows the implementation of a new financing model for GoldBod’s artisanal and small-scale mining gold operations, which began on August 3, 2026.
GoldBod said the model was developed following consultations with the Ministry of Finance, the Bank of Ghana, commercial banks and other stakeholders after GANRAP received approval from Cabinet and Parliament.
$1.315bn generated in August
Under the new financing arrangement, GoldBod generated US$1.315 billion in foreign exchange in August.
Of that amount, US$668.21 million was sold directly to commercial banks through spot sales and funded forward arrangements.
The Board said the sales were aimed at supporting stability in the foreign exchange market.
A further US$646.59 million was made available to the Bank of Ghana for reserve accumulation under GANRAP.
The September target therefore represents an increase of about US$85 million over the total foreign exchange generated in August.
GoldBod said the new arrangement forms part of efforts to strengthen Ghana’s foreign exchange position while supporting stability in the currency market.
