GoldBod earns US$1.871 billion in September, beating its US$1.4 billion target

Pinned summary · as of 17:31

The Ghana Gold Board (GoldBod) says its small-scale gold trading brought in US$1.871 billion in foreign exchange during September, well above the US$1.4 billion it had aimed for. The board announced the figures on Wednesday, 30 September, and split the money between commercial banks and the central bank's reserves.

What we know

• In September 2026, GoldBod brought in US$1.871 billion of foreign currency through small-scale gold trading by artisanal miners, exceeding its US$1.4 billion monthly goal by US$471 million.
• Authorised commercial banks bought US$701.3 million of that amount, marginally more than the US$700 million the board had set for sales to them.
• The Bank of Ghana received US$1.170 billion for its reserves, far ahead of the US$700 million GoldBod had planned for that purpose.
• Looking to October, GoldBod projects total foreign exchange earnings of US$1.5 billion. It expects to set aside US$1 billion for commercial banks, while the Bank of Ghana can expect up to US$500 million for reserve building under GANRAP.
• GoldBod said its October sales will follow a newly drawn-up Spot FX Sales/Intermediation Framework, which it describes as a tool for greater openness, fairness and adherence to regulation.

What's disputed / unconfirmed

• ?
  Ghana Business News and The Vaultz News put GoldBod's August earnings at US$1.315 billion. Ghana Business News said US$668.21 million of that went to commercial banks and US$646.59 million to the Bank of Ghana. No other report carries these August details.
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  Ghana Business News described the October announcement as the Bank of Ghana stepping out of foreign exchange intermediation, with GoldBod taking full responsibility. This interpretation has not been confirmed by the central bank or other reports.
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  The Vaultz News cited Bank of Ghana data showing reserves of about US$12.0 billion, or 4.5 months of import cover, on 22 September, down from about US$12.9 billion at end-June. It added that GoldBod's US$1.170 billion does not translate one-for-one into higher gross reserves. These points have not been confirmed by other reports.
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  Reports give different full names for GANRAP: Opemsuo 104.7 and MyJoyOnline call it a programme, while Citi Newsroom and Ghana Business News call it a policy. The Vaultz News describes it as a Gold-for-Reserves and National Recovery Plan.

Why it matters for Ghana

Dollars sold to commercial banks are what importers and other businesses in Accra, Kumasi and Takoradi draw on when they pay for goods from abroad, so the flow matters for the foreign exchange market. The money sent to the Bank of Ghana goes towards the country's reserves. GoldBod's October plan, if met, would set the pace for both channels next month.