The Ghana Gold Board (GoldBod) has announced that it will generate US$1.4 billion in foreign exchange in September 2026 under its new collaborative financing model, deepening its role in supporting foreign exchange market stability and national reserve accumulation.
The disclosure was contained in an announcement issued by the Finance and Trading Directorate of GoldBod on 31st August 2026, titled “GoldBod FX Generation and Sales Update – September 2026”.
According to GoldBod, the projection follows the approval of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) by Cabinet and Parliament, and the conclusion of extensive consultations with the Ministry of Finance, the Bank of Ghana, commercial banks and other market stakeholders.
The consultations led to the development of a new collaborative financing model for GoldBod’s artisanal and small-scale mining (ASM) gold operations. Implementation of the model commenced on 3rd August 2026.
Under the new arrangement, GoldBod provided an update on its performance for August. The Board said it generated US$1.315 billion in foreign exchange under the new model in the month of August.
Of that amount, US$668.21 million was sold directly to commercial banks through spot sales and funded forward arrangements to support foreign exchange market stability. The intervention is intended to improve dollar liquidity in the banking system and ease pressure on the cedi.
A further US$646.59 million was made available to the Bank of Ghana for reserve accumulation under the GANRAP. The policy, which is being implemented between 2026 and 2028, is part of the government’s broader strategy to build Ghana’s gold and foreign exchange reserves, strengthen the balance of payments, and achieve long-term exchange rate stability.
For September, GoldBod says the split will be even more balanced. Of the projected US$1.4 billion, 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.
The announcement forms part of a series of reforms being rolled out by GoldBod under the Ghana Gold Board Act, 2025 (Act 1140). The Act mandates the Board to regulate the purchase, sale, refining, value addition and export of gold in the country.
In line with that mandate, GoldBod has in recent weeks issued several compliance notices. Effective 1st September 2026, every Self-Financing Aggregator (SFA) is required to ensure that all gold doré purchased under any arrangement with an approved Offtaker is refined in Ghana before export, effectively banning the export of unrefined artisanal gold doré. The Board has also made X-Ray Fluorescence (XRF) testing mandatory for determining gold purity for all licensed buyers from September 1.
Analysts say the new financing model marks a shift from the previous ad-hoc gold-forex and gold-for-reserves programmes. By collaborating with the Ministry of Finance, BoG and commercial banks, GoldBod is institutionalizing gold purchases from the ASM sector — which accounts for over 30% of Ghana’s gold production — as a structured source of foreign exchange.
Ghana is Africa’s largest gold producer, and gold remains the country’s top foreign exchange earner. Sustained inflows from GoldBod are therefore critical for stabilizing the cedi, which has seen periods of volatility, and for building import cover.
GoldBod in its statement reaffirmed its commitment to its statutory mandate.
“GoldBod remains committed to its statutory mandate to generate foreign exchange for Ghana and will continue to work transparently with all stakeholders,” the Board said.
