The Ghana Gold Board (GoldBod) is set to provide US$1.4 billion in foreign exchange (FX) in September, with half of the amount going to commercial banks to support market stability and the remainder allocated to the Bank of Ghana (BoG) for reserve accumulation.
The move forms part of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), which has received approval from Cabinet and Parliament as government intensifies efforts to strengthen the country’s foreign exchange position and build international reserves.
In a statement issued in Accra, GoldBod said it had concluded consultations with the Ministry of Finance, the Bank of Ghana, commercial banks and other stakeholders on a new collaborative financing model for artisanal and small-scale mining gold operations.
Implementation of the model began on August 3, 2026.
GoldBod said the arrangement enabled it to generate US$1.315 billion in FX during August, of which US$668.21 million was sold directly to commercial banks through spot sales and funded forward arrangements.
The funds were intended to support liquidity and stability in the foreign exchange market.
A further US$646.59 million was made available to the Bank of Ghana for reserve accumulation under GANRAP.
For September, GoldBod projects FX generation of US$1.4 billion and plans to divide the amount equally between market support and reserve building.
Under the arrangement, US$700 million will be channelled to commercial banks through FX sales, while another US$700 million will be provided to the Bank of Ghana to strengthen the country’s international reserves.
GoldBod said the financing model would allow it to continue generating foreign exchange from Ghana’s gold sector while working more closely with institutions across the financial sector.
The Board said the initiative was designed to strengthen Ghana’s external position by ensuring that a significant portion of the foreign exchange generated from gold exports is deployed to support both market liquidity and reserve accumulation.
GoldBod reaffirmed its commitment to its statutory mandate of generating foreign exchange for Ghana and said it would maintain collaboration with the Ministry of Finance, the Bank of Ghana, commercial banks and other stakeholders in implementing the new arrangement.
The September allocation is expected to reinforce the government’s broader efforts to improve foreign exchange stability while rebuilding the country’s international reserve buffers.
