Ghana’s foreign exchange market could receive another major boost in September 2026 as the Ghana Gold Board (GoldBod) targets an impressive US$1.4 billion in foreign exchange generation, reinforcing efforts to strengthen the country’s reserves and support stability of the cedi.
GoldBod disclosed that approximately US$700 million of the projected September inflows will be made available to commercial banks through spot sales and funded forward arrangements. The remaining amount—up to US$700 million—is expected to go to the Bank of Ghana to support reserve accumulation under the Ghana Accelerated National Reserve Accumulation Policy.
The September target follows a strong performance in August, when GoldBod generated about US$1.315 billion in foreign exchange through its artisanal and small-scale mining gold operations.
Out of the August total, approximately US$668.21 million was sold directly to commercial banks, while another US$646.59 million was provided to the Bank of Ghana for reserve accumulation.
The impressive figures come after GoldBod introduced a new collaborative financing model involving the Ministry of Finance, Bank of Ghana, commercial banks and other industry stakeholders. Implementation of the arrangement began on August 3, 2026, following approval of the reserve accumulation policy by Cabinet and Parliament.
The development places GoldBod at the center of Ghana’s strategy to use its enormous gold resources to generate sustainable foreign exchange, increase international reserves and reduce pressure on the local currency.
GoldBod Chief Executive Officer Sammy Gyamfi has repeatedly emphasized the institution’s wider role in strengthening Ghana’s foreign exchange position and supporting macroeconomic stability.
The September projection also coincides with tougher reforms within Ghana’s gold export industry. Effective September 1, GoldBod has directed Self-Financing Aggregators to ensure that gold doré is refined locally before export, a policy intended to promote value addition within Ghana.
If the US$1.4 billion target is achieved, September could become another significant month in Ghana’s drive to strengthen its foreign exchange reserves and maintain greater stability in the currency market.
