The Ghana Gold Board (GoldBod) is targeting US$1.2 billion in foreign exchange earnings from its artisanal and small-scale mining (ASM) gold trading operations in November 2026, with US$800 million expected to be channelled to commercial banks.

The target follows GoldBod’s generation of US$1.011 billion from ASM gold trading in October, with the entire amount sold to authorised commercial banks through the GoldBod GoFX platform to support stability in the foreign exchange market.

The planned November allocation represents about two-thirds of the projected foreign exchange proceeds for the month. Sales will be conducted through the GoFX platform in line with the Board’s approved Foreign Exchange Sales and Intermediation Framework.

In a statement issued on November 2, GoldBod said the framework was designed to promote transparency, fairness and compliance with applicable regulations in the sale of foreign exchange.

The Board said its foreign exchange operations would continue to support the Bank of Ghana’s efforts to build the country’s external reserves under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

GoldBod’s operations are backed by Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140), which mandates the institution to generate foreign exchange through the country’s gold trade.

The planned US$800 million allocation is expected to provide commercial banks with additional foreign exchange in November, potentially supporting the supply of foreign currency to businesses and other market participants.

However, the extent to which the planned sales will influence exchange-rate conditions will depend partly on the timing of the transactions and how the proceeds are distributed across the banking system.