GoldBod Hits $1.87bn FX Generation in September, Outpaces Targets

The Ghana Gold Board generated US$1.871 billion from foreign exchange sales tied to artisanal and small-scale mining in September. The institution sold US$701.3 million to authorised commercial banks, marginally exceeding its US$700 million allocation. US$1.170 billion was transferred to the Bank of Ghana to bolster foreign exchange reserves beyond the US$700 million target. Under its statutory mandate from Acts 990 and 1140, this role supports the nation’s monetary stability and reserve-building drive. Ghana typically issues $500m monthly from cocoa exports and $400m from gold sales to manage forex flows. GoldBod projects US$1.5 billion in October, with US$1bn directed to banks and up to US$500m to the central bank. Proceeds will be sold via a transparency-focused Spot FX Sales/Intermediation Framework. The Board maintains its commitment to sustaining Ghana’s forex market and reserve growth under GANRAP.