The Ghana Gold Board (GoldBod) generated US$1.011 billion in foreign exchange from its artisanal and small-scale mining (ASM) gold trade operations in October 2026, with the entire amount sold to authorised commercial banks through its GoFX platform The Board is now targeting US$1.2 billion for November, of which US$800 million is earmarked for commercial banks.
GoldBod announced the October performance in a statement issued by its Finance and Trade Directorate on November 2. It said the sales were intended to improve dollar liquidity and support stability in Ghana’s foreign-exchange market.
October falls short of target
Despite the strong inflow, October’s result fell below GoldBod’s earlier projection of US$1.5 billion by about US$489 million. The Board had planned for US$1 billion to be sold to commercial banks and US$500 million to be allocated to the Bank of Ghana for reserve accumulation.
The October figure also represents a decline from September, when GoldBod reported US$1.871 billion in foreign exchange from ASM gold trade operations.
November projection
If GoldBod meets its November projection, foreign-exchange generation would increase by about US$189 million, or roughly 18.7 percent, from October’s actual performance. The US$800 million planned for banks would account for about two-thirds of the projected November proceeds.
How the foreign exchange is sold
The dollars will be sold through GoldBod GoFX, the Board’s digital foreign-exchange sales and intermediation platform. GoldBod conducts its spot dollar sales through the platform twice weekly—on Tuesdays and Thursdays—and says allocations are made proportionately where demand exceeds available supply.
The sales are governed by the Board’s approved FX Sales and Intermediation Framework, which GoldBod says is designed to ensure transparency, fairness and regulatory compliance in the allocation and sale of foreign exchange.
GoldBod’s mandate
GoldBod is the state agency responsible for overseeing and undertaking the purchase, assay, refining and export of gold and other precious minerals in Ghana. Its foreign-exchange mandate is anchored in Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140), which provides for the Board to supply foreign exchange to the country.
The Board says its operations are intended to increase the availability of foreign currency in the banking sector and support the accumulation of Ghana’s international reserves by the Bank of Ghana, in line with the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).
Why it matters
For importers, manufacturers and other businesses that depend on dollars for international payments, GoldBod’s sales to commercial banks are an important source of foreign-exchange liquidity. The Board says direct dollar supplies to banks have helped improve access to foreign currency and reduce pressure in the domestic market.
However, the impact on the cedi and market liquidity will depend on the timing of the November sales and how the US$800 million is distributed across the banking system. Analysts will also watch whether GoldBod can close the gap between its monthly projections and actual receipts after October missed its US$1.5 billion target
What to watch
Whether GoldBod achieves its US$1.2 billion November foreign-exchange target.
The pace and timing of the US$800 million in sales to commercial banks.
Whether any portion of future proceeds is allocated to the Bank of Ghana for reserve accumulation.
The difference between GoldBod’s monthly targets and actual ASM gold-trade receipts.
Story by Ama Frimpomaa