The Ghana Gold Board (GoldBod) generated US$1.871 billion in foreign exchange (FX) in September, exceeding its monthly target of US$1.4 billion.

The FX was generated from GoldBod’s artisanal and small-scale mining (ASM) gold trading operations under Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140).

According to a statement issued by GoldBod, US$701.3 million of the total was sold to authorised commercial banks, marginally exceeding the US$700 million target.

The Bank of Ghana (BoG), however, received US$1.170 billion, significantly above its US$700 million target for the month.

“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,” GoldBod stated.

GoldBod said the allocation to commercial banks was intended to support stability in the foreign exchange market, while the funds provided to the BoG would contribute to the accumulation of the country’s reserves.

Fuel prices set to rise from October 1; diesel projected to jump 22.91%

For October, GoldBod has projected FX sales of US$1.5 billion, representing a decline from the US$1.871 billion recorded in September.

Of the projected October sales, US$1 billion is expected to be allocated to commercial banks, up from US$701.3 million in September.

The BoG is expected to receive up to US$500 million, down from the US$1.170 billion allocated in September.

GoldBod said October’s FX sales would be conducted under its newly developed Spot FX Sales/Intermediation Framework, which it said was designed to improve transparency, fairness and regulatory compliance.

The Board added that the BoG allocation would support reserve accumulation under the Ghana Accelerated National Reserves Accumulation Policy (GANRAP).


DR/MA

Inside Ghana’s Abandoned Engineering Powerhouse: What Went Wrong?