…Allocates $800m to Commercial Banks
The Ghana Gold Board (GoldBod) is targeting US$1.2 billion in foreign exchange proceeds from its artisanal and small-scale mining (ASM) gold trading operations in November 2026, with US$800 million earmarked for sale to commercial banks.
The planned allocation, representing approximately 66.7 per cent of the projected November proceeds, is expected to strengthen foreign exchange supply to the banking sector and reinforce GoldBod’s growing role in Ghana’s foreign exchange market.
The target follows a strong October performance, during which the Board generated US$1.011 billion from ASM gold trading, with the entire amount sold to authorised commercial banks through its GoldBod GoFX platform.
The November target represents an increase of approximately 18.7 per cent over October’s realised foreign exchange proceeds, signalling the Board’s ambition to sustain and expand its contribution to the country’s FX supply.
In a statement issued on November 2, 2026, GoldBod said the planned US$800 million sales to commercial banks would be executed through the GoFX platform in accordance with its approved FX Sales and Intermediation Framework.
The framework is designed to promote transparency, fairness and regulatory compliance in the distribution of foreign exchange generated from the country’s gold trade.
*Banking sector FX injection*
The US$800m allocation is expected to provide commercial banks with significant additional foreign exchange resources in November, potentially strengthening their capacity to meet customer demand for dollars and support trade-related transactions.
For businesses, particularly import-dependent companies that rely on access to foreign currency to finance raw materials, machinery, fuel and other essential inputs, the planned sales could provide an important source of FX liquidity.
The distribution of the US$800 million through authorised commercial banks also reinforces the banking sector’s position as a major channel through which GoldBod’s foreign exchange proceeds enter the formal financial system.
However, the extent of the impact on market liquidity and exchange-rate conditions will depend on the timing of the transactions, the distribution of the proceeds among participating banks and prevailing demand for foreign currency.
*Boost to external reserves*
Beyond supporting commercial banks, GoldBod said its operations would continue contributing to the Bank of Ghana’s foreign reserve accumulation efforts under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).
The Board’s foreign exchange generation activities form part of Ghana’s broader strategy to strengthen external buffers, improve FX availability and enhance resilience against external economic shocks.
Its operations are anchored in Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140), which mandates the institution to generate foreign exchange through the country’s gold trade.
The latest November projection underscores the increasing importance of artisanal and small-scale mining gold exports as a source of foreign exchange for the Ghanaian economy.
With October delivering US$1.011 billion and November’s target set at US$1.2 billion, the Board is seeking to sustain the momentum and deepen the contribution of the gold sector to banking liquidity and national reserve accumulation.
TBM
