The Ghana Gold Board (GoldBod) generated US$1.315 billion in foreign exchange in August 2026 under a new collaborative financing model designed to support its artisanal and small-scale mining gold operations and strengthen Ghana’s foreign exchange position.
The new model follows the approval of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) by Cabinet and Parliament. GoldBod subsequently concluded consultations with the Ministry of Finance, Bank of Ghana, commercial banks and other market stakeholders, with implementation commencing on August 3, 2026.
According to GoldBod, out of the US$1.315 billion generated in August, US$668.21 million was sold directly to commercial banks through spot sales and funded forward arrangements. The sales are intended to support stability in the foreign exchange market by increasing the availability of foreign currency to commercial banks.
A further US$646.59 million was made available to the Bank of Ghana for reserve accumulation under GANRAP. The arrangement is expected to contribute to the strengthening of the country’s international reserves while supporting broader efforts to improve foreign exchange market stability.
For September 2026, GoldBod says it generated US$1.4 billion in foreign exchange under the new model. Of this amount, US$700 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.
GoldBod says the financing model is part of efforts to deepen collaboration among key institutions and market participants in managing the foreign exchange generated from Ghana’s gold sector. The Board says the approach will allow the foreign exchange generated through its operations to support both market liquidity and the accumulation of Ghana’s reserves.
GoldBod has reaffirmed its commitment to its statutory mandate of generating foreign exchange for Ghana, saying it will continue to work transparently with the Ministry of Finance, the Bank of Ghana, commercial banks and other stakeholders.
The Board says it will also continue to support measures aimed at strengthening Ghana’s foreign exchange position and building adequate reserves under the Ghana Accelerated National Reserve Accumulation Policy.
Story by Freedom Etsey Lavoe
