GoldBod generates $1.011bn in forex from gold trade in October

The Ghana Gold Board (GoldBod) has announced that it generated US$1.011 billion in foreign exchange from its artisanal and small-scale mining (ASM) gold trading operations in October 2026.

In an announcement issued on Monday, November 2, the Board said the entire amount was sold to authorised commercial banks through its GoldBod GoFX platform to support stability in Ghana's foreign exchange market.

The October performance highlights the Board's role in mobilising foreign exchange from the country's artisanal and small-scale gold sector and making the proceeds available to the banking system.

Following its October performance, GoldBod is projecting to generate US$1.2 billion in foreign exchange from ASM gold trading operations in November 2026.

Of the projected amount, US$800 million is expected to be made available to commercial banks to support liquidity and stability in the foreign exchange market.

The Board said the planned transactions would be conducted through the GoldBod GoFX platform in accordance with its approved Foreign Exchange Sales and Intermediation Framework.

According to GoldBod, the framework is designed to ensure transparency, fairness and regulatory compliance in the allocation and sale of foreign exchange to authorised commercial banks.

GoldBod said it remains committed to fulfilling its statutory mandate of generating foreign exchange for Ghana and supporting the accumulation of the country's international reserves by the Bank of Ghana.

The Board said its activities also contribute to the implementation of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), which seeks to strengthen the country's foreign reserve position.

The November target comes as the Board continues to use gold purchases from the artisanal and small-scale mining sector as a source of foreign exchange for the country.

If achieved, the projected US$1.2 billion in November would represent a further increase in the foreign exchange mobilisation target following the US$1.011 billion recorded in October.