Despite the controversy surrounding the Ghana Gold Board, the state-owned company says it has generated US$1.315 billion in foreign exchange in August 2026, marking a significant injection of dollars into Ghana’s financial system.
This feat was achieved under its new collaborative financing model for artisanal and small-scale gold mining.
A statement released by GoldBod on Monday says of the amount generated, US$668.21 million was sold directly to commercial banks through spot sales and funded forward arrangements.
Moreover, US$646.59 million was made available to the Bank of Ghana (BoG) for reserve accumulation.
“In August 2026, GoldBod generated US$1.315 billion in foreign exchange under the new model. Of this amount, US$668.21 million was sold directly to commercial banks through spote sales and funded forward arrangements to support foreign exchange market stability. A further US$646.59 million was made available to the Bank of Ghana for reserve accumulation under the GANRAP,” parts of the GoldBod statement indicated.
This forex allocation means roughly half of GoldBod’s August forex generation went towards supplying commercial banks with dollars, while the other half strengthened the country’s foreign-exchange reserves.
For businesses and ordinary Ghanaians, the new arrangement carries huge significance because it makes more dollars available to banks. This eases pressure in the forex market, helping banks meet the foreign-currency needs of importers and businesses while potentially supporting greater stability in the cedi.
At the same time, the funds channelled to the BoG increase the central bank’s reserve-building capacity, giving Ghana a stronger buffer against external shocks and future pressure on the local currency.
GoldBod says the forex generation forms part of the implementation of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), following Cabinet and Parliamentary approval.
