GoldBod Generates $1bn From Gold Trade In October

The Ghana Gold Board (GoldBod) says it generated US$1.011 billion in foreign exchange from its artisanal and small-scale mining (ASM) gold trading operations in October 2026.

The Board said the entire amount was sold to authorised commercial banks through its GoldBod GoFX platform to support stability in the foreign exchange market.

In a statement GoldBod said the foreign exchange generated formed part of its statutory mandate under Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140), to generate foreign exchange through gold trade operations.

The October performance represents the amount of foreign exchange generated and sold by the Board to commercial banks during the month.

For November, GoldBod is projecting to generate US$1.2 billion from its ASM gold trading activities, an increase of US$189 million over the October figure.

However, the Board intends to make US$800 million of the projected amount available to commercial banks to support stability in the foreign exchange market.

This means that the proposed November allocation to commercial banks would be US$211 million lower than the amount sold in October, although GoldBod has not explained the basis for the difference.

The Board said the November foreign exchange sales would be conducted through the GoldBod GoFX platform in accordance with its approved Foreign Exchange Sales and Intermediation Framework.

According to GoldBod, the framework is intended to ensure transparency, fairness and regulatory compliance in the sale and intermediation of foreign exchange.

The Board also said its operations would continue to support the accumulation of Ghana’s foreign reserves by the Bank of Ghana under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

GoldBod maintained that it remained committed to generating foreign exchange for the country through its gold trading operations.

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