The Ghana Gold Board (GoldBod) is projecting to generate US$1.4 billion in foreign exchange in September 2026, as part of efforts to strengthen Ghana’s foreign exchange position and support stability in the currency market.
Under the arrangement, US$700 million of the expected proceeds will be made available to commercial banks to support foreign exchange market stability.
The remaining US$700 million is expected to 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 financing 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.
US$1.315bn generated in August
GoldBod generated US$1.315 billion in foreign exchange in August under the new financing arrangement.
Of the amount, US$668.21 million was sold directly to commercial banks through spot sales and funded forward arrangements.
The Board said the transactions were intended to support stability in the foreign exchange market and improve the availability of foreign currency to businesses and other market participants.
A further US$646.59 million was made available to the Bank of Ghana for reserve accumulation under GANRAP.
The September projection of US$1.4 billion therefore represents an increase of approximately US$85 million over the foreign exchange generated in August.
GoldBod said the new financing arrangement forms part of broader efforts to strengthen Ghana’s foreign exchange reserves, improve currency-market stability and enhance the country’s capacity to accumulate reserves.
If achieved, the September target would further strengthen the role of gold exports in supplying foreign exchange to both the commercial banking sector and the Bank of Ghana.
