GoldBod Sets $1.2bn November FX Target, Earmarks $800m For Banks

The Ghana Gold Board (GoldBod) is targeting US$1.2 billion in foreign exchange from its artisanal and small-scale mining (ASM) gold trade operations in November 2026, with US$800 million earmarked for sales to commercial banks.

The projection follows the generation of US$1.011 billion from ASM gold trading in October, all of which was sold to authorised commercial banks through the GoldBod GoFX platform to support stability in the foreign exchange market.

The November allocation represents about two-thirds of the projected FX proceeds, with sales to be conducted through the GoFX platform under the Board’s approved FX Sales and Intermediation Framework.

In a statement issued on November 2, GoldBod said the framework is intended to ensure transparency, fairness and regulatory compliance in the sale of foreign exchange.

The November projection comes as Ghana continues efforts to strengthen foreign exchange supply and build its external reserves.

GoldBod said it would continue supporting the Bank of Ghana’s reserve accumulation efforts under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

The Board’s operations are anchored in its statutory mandate under Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140), which provides for foreign exchange generation through the country’s gold trade.

The planned US$800 million allocation is expected to provide commercial banks with additional foreign exchange during November.

Its impact on market conditions will depend partly on the timing of the sales and the distribution of the proceeds across the banking system.

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