GoldBod generates $1.011bn in forex from small-scale gold trade

The Ghana Gold Board (GoldBod) has announced the generation of $1.011 billion in foreign exchange from artisanal and small-scale mining (ASM) operations during October 2026. The total amount was subsequently sold to authorized commercial banks through the GoldBod GoFX platform, a move designed to bolster the domestic foreign exchange market and provide critical support for the cedi. This significant inflow marks a milestone in the government's strategy to leverage the country’s natural resources for monetary stability.

These transactions are conducted under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), which aims to strengthen the Bank of Ghana’s reserves while ensuring a steady supply of dollars for the private sector. By selling the proceeds to commercial banks twice weekly, GoldBod ensures that businesses have access to foreign currency for international trade and domestic operations. The use of the GoFX platform is intended to maintain transparency and regulatory compliance, ensuring that the distribution of gold-backed liquidity is handled efficiently across the banking sector.

Prince Kwame Minkah of the Ghana Gold Board emphasized that such results are vital for Ghana’s long-term economic independence. According to Minkah, the country must strengthen its domestic mechanisms for generating foreign exchange from gold to reduce its historical reliance on external aid and International Monetary Fund (IMF) bailouts. He argued that consistent performance in the ASM sector could create a more resilient economic system capable of withstanding financial shocks, provided there is public trust and responsible management of the nation's gold wealth.

Looking ahead, GoldBod has set a target to generate $1.2 billion in November 2026, which would represent an 18.7% increase over the October performance. Of this projected amount, approximately $800 million is earmarked for allocation to commercial banks to further stabilize the exchange rate. While the recent inflows have already contributed to a slight improvement in the cedi’s interbank selling rate, the focus remains on whether these gold-driven interventions can translate into lasting stability for Ghanaian businesses and the wider economy.