The Ghana Gold Board (GOLDBOD) generated approximately US$1.315 billion in foreign exchange (forex) in August 2026 through its new collaborative financing model for gold purchased from the artisanal and small-scale mining sector.
According to GOLDBOD, US$668.21 million of the total amount was sold directly to commercial banks through spot sales and funded forward arrangements.
The transactions are aimed at strengthening foreign exchange market stability and improving the availability of forex within Ghana’s financial system.
US$646.59 Million Allocated to Bank of Ghana Reserves
GOLDBOD also made US$646.59 million available to the Bank of Ghana (BoG) for the accumulation of international reserves under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).
The initiative forms part of broader efforts to strengthen Ghana’s foreign exchange reserves, improve financial stability and enhance the country’s capacity to manage external economic pressures.
GOLDBOD Targets US$1.4 Billion Forex in September
The Ghana Gold Board has projected an even stronger performance in September 2026, targeting approximately US$1.4 billion in foreign exchange generation.
Of the projected amount, US$700 million is expected to be made available to commercial banks to support forex market stability.
Another US$700 million could be provided to the Bank of Ghana to support the accumulation of the country’s foreign exchange reserves.
New GOLDBOD Financing Model Begins
GOLDBOD said implementation of its new collaborative financing model commenced on August 3, 2026, following Cabinet and Parliamentary approval of the Ghana Accelerated National Reserve Accumulation Policy.
The new model is designed to strengthen the financial framework surrounding Ghana’s artisanal and small-scale gold mining sector, while improving the country’s ability to generate foreign exchange from gold exports.
The announcement was contained in a statement issued by the Finance and Trading Directorate of GOLDBOD on August 31, 2026.
The latest figures highlight the growing importance of gold exports, foreign exchange generation and international reserve accumulation to Ghana’s economic and financial stability.
Source: newsthemegh.com