The Ghana Gold Board (GoldBod) is targeting US$1.4 billion in foreign exchange inflows in September 2026 as part of measures to support stability in the foreign exchange market and strengthen Ghana’s international reserves.
According to GoldBod, US$700 million of the projected amount will be made available to commercial banks through spot sales and funded forward arrangements.
Another US$700 million will be provided to the Bank of Ghana (BoG) for reserve accumulation under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).
The September projection follows a strong performance recorded by GoldBod in August, when the institution generated US$1.315 billion in foreign exchange from its operations.
GoldBod said the August figure was achieved following the implementation of a new collaborative financing model for its artisanal and small-scale mining gold operations.
Out of the US$1.315 billion generated in August, US$668.21 million was sold directly to commercial banks, while US$646.59 million was made available to the Bank of Ghana for reserve accumulation.
In a statement issued on Monday, August 31, 2026, GoldBod said the new financing model was developed after consultations involving the Gold Board, the Ministry of Finance, the Bank of Ghana, commercial banks and other stakeholders.
The model became operational on August 3, 2026, following Cabinet and Parliamentary approval of GANRAP.
The policy is aimed at accelerating the accumulation of Ghana’s international reserves, with GoldBod expected to play a critical role through the foreign exchange generated from the country’s gold production.
GoldBod said it remains committed to its statutory mandate of generating foreign exchange for Ghana and will continue to work with relevant stakeholders to promote stability in the foreign exchange market.
The institution added that its efforts are also geared towards strengthening Ghana’s reserve position and supporting broader economic stability.
The projected US$1.4 billion for September, if realised, would further underline the growing importance of Ghana’s gold sector in the country’s foreign exchange management and reserve accumulation efforts.