GoldBod Hits US$1.87bn FX Revenue in September, Beats Target

The Ghana Gold Board (GoldBod) announced that it generated US$1.871 billion in foreign exchange from its artisanal and small-scale gold (ASM) trading operations in September 2026, surpassing the monthly target of US$1.4 billion. This revenue was mainly from the sale of gold produced by small‑scale miners, which the Board then sold to authorised commercial banks and the Bank of Ghana. US$701.3 million was sold to banks, just above the US$700 million target aimed at stabilising the foreign exchange market, while US$1.170 billion was placed into the central bank’s reserves, far exceeding its own US$700 million goal.

Ghana has been pushing to formalise its artisanal mining sector because it contributes significantly to the country’s gold output and foreign exchange earnings. By integrating small‑scale miners into regulated channels, the government hopes to improve revenue collection, reduce illicit trade, and promote responsible mining practices. GoldBod, created under the Mining Act of 2022, is the state body tasked with coordinating the sale of Ghanaian gold and ensuring that proceeds support national development.

Looking ahead, GoldBod projects US$1.5 billion in foreign exchange for October 2026. Of this, US$1 billion will be made available to commercial banks to keep the FX market stable, and up to US$500 million will be channeled to the Bank of Ghana to bolster reserve accumulation under the Ghana Accelerated National Reserves Accumulation Programme (GANRAP). The October sales will be carried out through a new Spot FX Sales/Intermediation Framework designed to increase transparency and regulatory compliance.

The Board reiterated its commitment to fulfilling its statutory mandate of generating foreign exchange for Ghana and collaborating with all stakeholders to sustain the nation’s financial stability.