The Ghana Gold Board (GoldBod) recorded a strong performance in its foreign exchange operations in September, generating US$1.871 billion in FX, well above its monthly target of US$1.4 billion.
The funds came from GoldBod’s artisanal and small-scale mining (ASM) gold trading activities carried out under Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140).
According to GoldBod, US$701.3 million of the total FX generated was sold to authorised commercial banks, slightly exceeding the US$700 million target set for the month.
A larger portion, amounting to US$1.170 billion, was provided to the Bank of Ghana (BoG), significantly surpassing its target of US$700 million.
GoldBod said the funds supplied to commercial banks were aimed at supporting stability in the foreign exchange market, while the allocation to the central bank would help strengthen the country’s foreign exchange reserves.
“Of the total amount, US$701.3 million was sold to authorised commercial banks against the set target of US$700 million to support FX market stability, while an amount of US$1.170 billion was provided to the Bank of Ghana against the set target of US$700 million to support reserve accumulation,” the Board stated.
For October, GoldBod has set a lower overall FX sales projection of US$1.5 billion.
Under the October plan, commercial banks are expected to receive US$1 billion, representing an increase from the US$701.3 million allocated to them in September.
The Bank of Ghana, meanwhile, is projected to receive up to US$500 million, significantly below the US$1.170 billion it received in September.
GoldBod said its October FX transactions would be carried out under a newly developed Spot FX Sales/Intermediation Framework.
The framework, according to the Board, is intended to promote greater transparency and fairness in its FX operations while ensuring compliance with applicable regulations.
The Board also said the funds allocated to the Bank of Ghana would support reserve accumulation under the Ghana Accelerated National Reserves Accumulation Policy (GANRAP).
The September figures come as GoldBod continues to play a central role in Ghana’s gold trading and foreign exchange operations, with its monthly FX sales contributing to both foreign exchange market support and reserve accumulation.
