GoldBod Targets US$1.4bn Forex Inflows in September to Support Cedi Stability
The Ghana Gold Board (GoldBod) says it is targeting US$1.4 billion in foreign exchange inflows in September 2026, as part of a broader strategy to strengthen Ghana’s foreign reserves and support stability in the foreign exchange market.
According to an update issued by GoldBod’s Finance and Trading Directorate on August 31, the projected inflows will be generated under a new collaborative financing model supporting the purchase and trading of gold from Ghana’s artisanal and small-scale mining sector.
Of the expected US$1.4 billion, US$700 million is to be made available to commercial banks through spot sales and funded forward arrangements to improve forex liquidity in the banking system.
A further US$700 million is expected to be provided to the Bank of Ghana for reserve accumulation under the Ghana Accelerated National Reserve Accumulation Policy, known as GANRAP.
Strong August Performance
GoldBod’s September target follows what the institution describes as a strong performance in August.
The Board generated US$1.315 billion in foreign exchange in August 2026, the first full month of implementation of the new financing model.
Of that amount, US$668.21 million was sold directly to commercial banks, while US$646.59 million was made available to the Bank of Ghana to support the country’s reserve accumulation programme.
The September target therefore represents an increase of approximately US$85 million over the amount generated in August.
New Financing Model
Implementation of the financing arrangement began on August 3, 2026, following consultations involving GoldBod, the Ministry of Finance, the Bank of Ghana, commercial banks and other stakeholders.
The model was developed following Cabinet and Parliament’s approval of GANRAP and is intended to create a stronger link between Ghana’s gold production, foreign exchange generation and the accumulation of national reserves.
The initiative also gives commercial banks greater access to foreign currency generated from domestic gold trading, potentially reducing pressure on the forex market and supporting the stability of the Ghana cedi.
Gold Becoming Central to Ghana’s Forex Strategy
Gold has increasingly become an important component of Ghana’s foreign exchange and reserve strategy.
Earlier this year, GoldBod announced plans to purchase at least 2.45 tonnes of artisanal and small-scale mining gold every week, with a longer-term target of about 127 tonnes annually. The Board said those volumes could generate more than US$20 billion in foreign exchange annually at prevailing international gold prices.
GoldBod is also tightening control over how gold leaves the country.
Effective September 1, 2026, self-financing aggregators are required to refine gold doré in Ghana before export. GoldBod says no unrefined artisanal gold doré covered by the directive will be approved for export, a move designed to increase domestic value addition and strengthen oversight of the gold trade.
Possible Boost for Cedi and Reserves
If GoldBod achieves its US$1.4 billion September target, the additional forex liquidity could provide further support to the cedi by increasing the supply of foreign currency available to banks and businesses.
The US$700 million earmarked for the Bank of Ghana would also strengthen the central bank’s reserve position and potentially improve its capacity to respond to external shocks and volatility in the currency market.
GoldBod says it remains committed to its statutory mandate to generate foreign exchange for Ghana and will continue working with the Finance Ministry, Bank of Ghana, commercial banks and other stakeholders to promote stability in the forex market.
