The Ghana Gold Board (GoldBod) is expected to generate US$1.4 billion in foreign exchange(fx) in September 2026 under a new collaborative financing model introduced to support its Artisanal and Small-scale Mining gold operations.
Under the arrangement, US$700 million of the projected foreign exchange proceeds will be made available to commercial banks through spot sales and funded forward arrangements to support stability in the foreign exchange market.
Up to US$700 million will also be provided to the Bank of Ghana for reserve accumulation under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).
The new financing model followed the approval of GANRAP by Cabinet and Parliament and consultations between GoldBod, the Ministry of Finance, the Bank of Ghana, commercial banks and other market stakeholders.
Implementation of the model commenced on August 3, 2026.
According to GoldBod, it generated US$1.315 billion in foreign exchange in August under the new arrangement.
Of the August proceeds, US$668.21 million was sold directly to commercial banks through spot sales and funded forward arrangements, while US$646.59 million was made available to the Bank of Ghana for reserve accumulation under GANRAP.
GoldBod said the initiative forms part of its statutory mandate to generate foreign exchange for Ghana while supporting the country’s foreign exchange market and strengthening international reserves.
The GoldBod Finance and Trading Directorate, in a statement dated August 31, said the institution would continue to work transparently with the Bank of Ghana, government, commercial banks and other stakeholders to achieve its mandate.
