The Ghana Gold Board (GoldBod) has set a target of generating US$1.4 billion in foreign exchange by September 2026. This targeted revenue is meant to cushion commercial banks and enhance the nation’s foreign exchange reserves.
GoldBod made the announcement on August 31st stating that it has developed an enhanced financial model for its artisanal and small-scale mining gold operations.
According to the authority, the newly designed model forms part of an integral component of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) implementation.
The plan is to make available $700 million of forex exchange to commercial banks through and it will be done through spot sales and funded forward arrangements. GoldBod noted that the initiative is to ensure the stability of foreign exchange in the market.
Also, $700 million is targeted to be given to the Bank of Ghana to bolster the country’s reserve.
The September target comes on the heels of GoldBod’s noteworthy accomplishment of generating US$1.315 billion in foreign exchange during August, which marked its first month under the new financing arrangement.
Of the total amount, US$668.21 million was sold directly to commercial banks, whereas US$646.59 million was designated for the central bank to enhance its reserve accumulation.
The September projection represents an increase of US$85 million, or about 6.5%, over the forex generated in August. If achieved, it would further increase GoldBod’s contribution to Ghana’s foreign exchange liquidity and reserve accumulation.
GoldBod says the arrangement is part of its statutory mandate to generate foreign exchange for Ghana while working with financial-sector stakeholders to support market stability and strengthen the country’s external reserves.
For September, the key focus will be whether GoldBod can meet the US$1.4 billion target and deliver the planned forex to commercial banks and the Bank of Ghana.
