The Ghana Gold Board (GoldBod) generated US$1.011 billion in foreign exchange from artisanal and small-scale mining (ASM) gold trade in October 2026, and sold the entire amount to authorised commercial banks through its GoFX platform, the Board said in a statement on Monday, November 2, 2026.
The October figure falls short of the roughly US$1.5 billion the Board had projected for the month at the end of September, and is well below the US$1.871 billion it generated in September.
GoldBod has now set a target of US$1.2 billion in foreign exchange for November, with US$800 million earmarked for sale to commercial banks to support stability in the foreign exchange market.
The Board, led by Chief Executive Officer Sammy Gyamfi, said the sales will continue under its approved FX Sales and Intermediation Framework, which it says is designed to ensure transparency, fairness and regulatory compliance.
GoldBod October forex: US$1.011bn sold to banks
According to the statement, all of the US$1.011 billion raised in October went to commercial banks through GoFX, the platform GoldBod uses to sell dollars to licensed banks.
That is slightly above the US$1 billion GoldBod had planned to make available to banks in October. However, the Board had also projected that up to US$500 million would go to the Bank of Ghana to build reserves, and its statement reports the full October amount as sold to banks.
GoldBod began selling to banks in early October after the Bank of Ghana signalled it would not run its own FX intermediation programme for the month. GhanaTrends earlier reported that GoldBod sold US$125 million to banks in its first FX auction.
How GoldBod’s October FX compares with September and target
The October result is lower than both the Board’s own target and its performance a month earlier.
- September 2026 target: US$1.4 billion
- September 2026 actual: US$1.871 billion (134% of target)
- October 2026 target: about US$1.5 billion (US$1 billion for banks, up to US$500 million for BoG reserves)
- October 2026 actual: US$1.011 billion (about 67% of target), all sold to banks
- Drop from September to October: about US$860 million (roughly 46%)
- November 2026 target: US$1.2 billion, with US$800 million for banks
In September, GoldBod sold US$701.3 million to commercial banks and provided US$1.170 billion to the Bank of Ghana for reserves, according to Graphic Online.
GoldBod’s statement did not give a reason for the lower October figure.
GoldBod November FX target of US$1.2 billion
For November, GoldBod expects to raise US$1.2 billion from ASM gold trade. The US$800 million set aside for commercial banks is about two-thirds of the projected total.
Beginning (Part 1): GoldBod Earns US$1.011bn in Forex in October, Misses US$1.5bn Target; Sets US$1.2bn Goal for November
The Board said it will also continue to support the Bank of Ghana‘s reserve build-up under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).
GoldBod cites Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140) as the legal basis for its foreign exchange generation role.
Bank of Ghana says it still leads the forex market
Bank of Ghana Governor Dr Johnson Asiama said in mid-October that the central bank had not handed over its forex role to GoldBod.
“We want to focus on reserve build-up while GoldBod supports with FX intermediation,” he said, adding that the Bank stands ready to intervene to contain excessive instability.
The cedi had depreciated by 10.33% since the start of 2026 at the time, and gross international reserves stood at about US$12.04 billion as of September 22, 2026.
What GoldBod’s forex sales mean for businesses and the cedi
Dollar sales to banks increase the supply of foreign currency available to importers, manufacturers and other businesses that need dollars to pay for goods and services.
A steady flow of dollars into the banking system can ease pressure on the cedi, especially during periods of high demand such as the end-of-year import season.
Analysts note that the actual market impact will depend partly on the timing of sales and how the dollars are distributed across banks.
What happens next
GoldBod is expected to continue its twice-weekly GoFX sales to banks through November under Bank of Ghana oversight.
The Board is likely to publish its November performance at the end of the month, which will show whether it meets the new US$1.2 billion target.
Quick Summary: GoldBod Earns US$1.011bn in Forex in October, Misses US$1.5bn Target; Sets US$1.2bn Goal for November
- October 2026 FX from ASM gold trade: US$1.011 billion
- All October proceeds sold to commercial banks via GoFX
- October target was about US$1.5 billion
- September 2026 FX was US$1.871 billion
- November 2026 target: US$1.2 billion
- US$800 million of November proceeds earmarked for banks
- Sales follow GoldBod’s FX Sales and Intermediation Framework
FAQs on Story: GoldBod Earns US$1.011bn in Forex in October, Misses US$1.5bn Target; Sets US$1.2bn Goal for November
How much forex did GoldBod generate in October 2026?
GoldBod generated US$1.011 billion from small-scale gold trade in October 2026 and sold all of it to commercial banks through its GoFX platform.
Did GoldBod meet its October 2026 forex target?
No. GoldBod had projected about US$1.5 billion for October, so the US$1.011 billion achieved was about 67% of the target.
What is GoldBod’s forex target for November 2026?
GoldBod is targeting US$1.2 billion in November, with US$800 million earmarked for sale to commercial banks.
In summary, GoldBod raised US$1.011 billion in foreign exchange from small-scale gold in October and sold all of it to banks, short of its US$1.5 billion target and below September’s US$1.871 billion, as it now aims for US$1.2 billion in November with US$800 million going to banks.
