The Ghana Gold Board (GoldBod) has projected that it will generate approximately US$1.4 billion in foreign exchange (forex) in September 2026, as part of efforts to strengthen Ghana’s foreign exchange market, boost international reserves and promote long-term cedi stability.
The projection was contained in a statement issued by GoldBod’s Finance and Trading Directorate on August 31, 2026, under the title “GoldBod FX Generation and Sales Update – September 2026.”
According to GoldBod, the September forex target follows the approval of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) by Cabinet and Parliament.
The policy was developed following consultations between GoldBod, the Ministry of Finance, Bank of Ghana (BoG), commercial banks and other key stakeholders in Ghana’s financial and gold trading sectors.
GoldBod Generates US$1.315 Billion in August
GoldBod disclosed that it generated US$1.315 billion in foreign exchange in August 2026 through its newly introduced collaborative financing model for artisanal and small-scale mining (ASM) gold.
The new financing framework became operational on August 3, 2026, and is designed to transform gold purchases from the ASM sector into a more structured source of foreign exchange for Ghana.
Out of the US$1.315 billion generated in August, US$668.21 million was sold to commercial banks through spot transactions and funded forward arrangements.
The forex sales are expected to improve US dollar liquidity in Ghana’s banking sector, support the foreign exchange market and reduce pressure on the Ghanaian cedi.
Another US$646.59 million was provided to the Bank of Ghana for reserve accumulation under GANRAP.
US$700 Million Allocated to Banks in September
For September 2026, GoldBod expects to generate US$1.4 billion in foreign exchange.
The projected amount will be divided equally between foreign exchange market support and national reserve accumulation.
GoldBod said US$700 million will be made available to commercial banks to help improve dollar liquidity and promote stability in Ghana’s forex market.
A further US$700 million will be made available to the Bank of Ghana to strengthen the country’s international reserves under GANRAP.
The reserve accumulation programme, scheduled to run from 2026 to 2028, forms part of government’s broader strategy to increase Ghana’s gold and foreign exchange reserves, strengthen the country’s balance of payments position and support sustainable exchange rate stability.
New Gold Export Rules Take Effect
The latest GoldBod announcement comes as the Board continues to implement reforms under the Ghana Gold Board Act, 2025 (Act 1140).
The legislation gives GoldBod responsibility for regulating the purchase, sale, refining, value addition and export of gold in Ghana.
As part of the new regulatory framework, GoldBod has introduced additional compliance requirements for participants in the gold trading industry.
From September 1, 2026, every Self-Financing Aggregator (SFA) must ensure that gold doré purchased under an arrangement with an approved offtaker is refined in Ghana before it is exported.
The directive effectively prevents the export of unrefined artisanal gold doré.
GoldBod has also made X-Ray Fluorescence (XRF) testing mandatory for determining gold purity among licensed gold buyers from September 1, 2026.
GoldBod Becomes Key Source of Ghana’s Forex
Financial analysts have described the collaborative financing model as a significant change from previous arrangements involving Ghana’s gold-for-forex and gold-for-reserves programmes.
The new system brings together GoldBod, the Ministry of Finance, the Bank of Ghana and commercial banks to institutionalise gold purchases from Ghana’s artisanal and small-scale mining sector.
The ASM sector contributes more than 30% of Ghana’s gold production, making it an important component of the country’s gold industry and foreign exchange generation strategy.
Ghana remains Africa’s leading gold producer, while gold is also the country’s largest source of foreign exchange earnings.
The continued inflow of foreign currency generated through GoldBod is therefore expected to play an important role in strengthening Ghana’s foreign exchange reserves, improving dollar liquidity, supporting the Ghana cedi and increasing import cover.
GoldBod Reaffirms Commitment to Forex Generation
GoldBod said it remains committed to fulfilling its statutory responsibilities and working with stakeholders to support Ghana’s economic and financial stability.
“GoldBod remains committed to its statutory mandate to generate foreign exchange for Ghana and will continue to work transparently with all stakeholders,” the Board stated.
The projected US$1.4 billion September forex generation is expected to further position GoldBod as a major player in Ghana’s foreign exchange market and the government’s strategy to build stronger international reserves through the country’s gold resources.
Source: newsthemegh.com