The Ghana Gold Board, GoldBod, generated 1.011 billion dollars in foreign exchange from its artisanal and small scale mining gold trading operations in October 2026, and the entire amount was sold to authorised commercial banks, the board said in a statement on Monday.
The sales were conducted through the GoldBod FX platform, known as GoFX, under the board’s approved FX Sales and Intermediation Framework. GoldBod said the proceeds support liquidity in the foreign exchange market and the Bank of Ghana’s reserve accumulation under the Ghana Accelerated National Reserve Accumulation Policy.
For November, the board projected foreign exchange generation of 1.2 billion dollars from the same operations, an increase of about 18.7 percent over October, with 800 million dollars expected to be made available to commercial banks. The November figures are projections in the board’s update, not realised sales.
GoldBod’s mandate to generate foreign exchange through gold trading comes from section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140), which also gives it oversight of small scale gold purchasing, grading, assaying and export. The scale of the October flow, more than a billion dollars in a single month from artisanal production alone, underlines how directly Ghana’s external accounts now run through the gold market, at a moment when the gold price itself has fallen below 4,000 dollars an ounce.