The Ghana Gold Board (GoldBod) is set to generate US$1.4 billion in foreign exchange in September 2026, as part of efforts to support foreign exchange market stability and strengthen Ghana’s reserves.
According to GoldBod, US$700 million of the expected forex generation will be made available to commercial banks to support liquidity and stability in the foreign exchange market.
The remaining amount, of up to US$700 million, will be provided to the Bank of Ghana for reserve accumulation under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), which was approved by Cabinet and Parliament.
“Of this amount, US$700.0 million will 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,” GoldBod said.
The September projection follows the implementation of a new collaborative financing model for GoldBod’s artisanal and small-scale mining gold operations, which commenced on August 3, 2026.
Under the new model, GoldBod generated US$1.315 billion in foreign exchange in August. Of this, US$668.21 million was sold directly to commercial banks through spot sales and funded forward arrangements, while US$646.59 million was made available to the Bank of Ghana for reserve accumulation.
GoldBod said the new financing model followed consultations with the Ministry of Finance, the Bank of Ghana, commercial banks, and other market stakeholders.
The latest figures position GoldBod’s gold purchasing operations as an important channel for supplying foreign exchange to the domestic financial system while supporting the accumulation of Ghana’s reserves.
