The Ghana Gold Board (GoldBod) is targeting US$1.5 billion in foreign exchange generation for October 2026, with the planned dollar sales expected to improve liquidity in the market and support stability of the Ghana cedi.
Under the programme, US$1 billion is expected to be made available to authorised commercial banks, while up to US$500 million will go to the Bank of Ghana (BoG) to strengthen the country’s foreign exchange reserves.
The plan follows GoldBod’s performance in September, when it generated US$1.871 billion from artisanal and small-scale gold trading, exceeding its monthly target of US$1.4 billion.
Of the September proceeds, US$701.3 million was sold to commercial banks to support foreign exchange market stability, while US$1.17 billion was provided to the central bank for reserve accumulation.
GoldBod says its October programme will operate under a new Spot FX Sales and Intermediation Framework designed to improve transparency, fairness and regulatory compliance in the allocation of foreign exchange.
The revised arrangement also marks a shift in responsibility for foreign exchange intermediation, with GoldBod taking the lead in supplying dollars from its gold trade proceeds rather than relying on the Bank of Ghana to run its own monthly sales programme.
The move comes after the cedi experienced pressure earlier in the year amid increased demand for dollars. Market participants have linked improved dollar supply from GoldBod to recent easing in foreign exchange market pressures, although the currency’s performance will also depend on broader economic conditions and demand for foreign currency.
GoldBod says it will continue working with commercial banks and the central bank to implement the programme and support Ghana’s foreign exchange needs.
