The Ghana Gold Board (GoldBod) generated $1.871 billion in foreign exchange from small-scale gold trading in September, beating its $1.4 billion target, it said on 30 September.
The board’s October plan changes where most of its dollars go. GoldBod expects to raise $1.5 billion next month. Of that, $1 billion will go to authorised commercial banks to support stability in the foreign exchange market, and up to $500 million to the Bank of Ghana for reserves. In September, the central bank received the larger share.
Of September’s proceeds, GoldBod sold $701.3 million to commercial banks, just above its $700 million target. It passed $1.17 billion to the Bank of Ghana for reserve accumulation, $470 million more than planned. Together, the two came to 34 per cent above the monthly target.
The September total was about 42 per cent higher than August, when GoldBod raised $1.315 billion in its first full month under its current model. In August, $668.21 million went to commercial banks through spot sales and funded forward arrangements, and $646.59 million went to the Bank of Ghana. That means the central bank’s allocation grew by about 81 per cent from August to September.
The current model operates under the Ghana Accelerated National Reserve Accumulation Policy. That policy took effect on 3 August 2026 after approval by Cabinet and Parliament, and it sets out a financing model for artisanal and small-scale mining.
GoldBod said its October sales would be carried out under a newly developed Spot FX Sales and Intermediation Framework. It said the framework is meant to strengthen transparency, fairness and regulatory compliance. Ghana Business News reported that the change marks the Bank of Ghana’s exit from foreign exchange intermediation, with GoldBod taking over full responsibility for that role.
The board said it was raising the foreign exchange under Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140), which requires it to support Ghana’s foreign exchange needs.
Separately, GoldBod is moving its gold pricing to X-ray fluorescence (XRF) assay from 1 October.
