The Institute of Fiscal Policy Research (IFPR) says GoldBod’s strong foreign exchange performance in September could help Ghana build greater economic resilience and reduce its reliance on external bailouts.
In a statement signed by Senior Research Fellow Robert Nti, the Institute said its assessment follows GoldBod’s announcement that it generated US$1.871 billion in foreign exchange in September 2026.
The figure exceeded GoldBod’s US$1.4 billion target by US$471 million, with US$701.3 million sold to authorised commercial banks and US$1.170 billion allocated to the Bank of Ghana to support reserve accumulation.
According to the IFPR, the performance demonstrates the potential of Ghana’s gold resources to provide foreign exchange and strengthen the country’s financial buffers.
The Institute said sustained inflows could help ease pressure on the foreign exchange market while stronger reserves could improve Ghana’s ability to withstand external shocks.
It, however, cautioned that GoldBod’s performance alone cannot resolve Ghana’s fiscal challenges.
The IFPR said reducing dependence on IMF support would also require disciplined public spending, effective revenue mobilisation, sustainable borrowing and diversification of foreign exchange sources.
GoldBod’s September performance comes as Ghana continues efforts to strengthen its reserves and stabilise the foreign exchange market.
For October, GoldBod has set a US$1.5 billion foreign exchange target, with US$1 billion earmarked for commercial banks and up to US$500 million for the Bank of Ghana’s reserve accumulation.
