GoldBod targets $1.2bn forex inflow in November following $1bn October surge

• GoldBod generated US$1.011bn from gold trade in October.

• It targets US$1.2bn in forex for November, with US$800m for banks.

• The sales aim to support forex stability and reserve accumulation.

The projection follows the generation of US$1.011 billion in foreign exchange from the same operations in October, all of which was sold to authorised commercial banks through the GoldBod GoFX platform.

In an announcement issued on Monday, November 2, GoldBod said the October sales were intended to support stability in the foreign exchange market.

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“The full amount of foreign exchange generated US$1.011 billion was sold to authorized commercial banks on the GoldBod GoFX platform to support FX market stability in the month of October,” the Board said.

For November, the Board expects to generate an additional US$1.2 billion from its ASM gold trade operations. However, US$800 million of the projected amount has been earmarked for sale to commercial banks.

GoldBod said the transactions would be conducted through its GoFX platform under the approved Foreign Exchange Sales and Intermediation Framework.

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It said the framework was designed to promote transparency, fairness and compliance with regulatory requirements in the sale of foreign exchange.

The planned sales come as the Board continues to use proceeds from its gold trade operations to increase foreign currency availability in the domestic market.

GoldBod said its activities were guided by its statutory mandate under Section 2(b) of the Ghana Gold Board Act, 2025 (Act 1140), which provides for the generation of foreign exchange through its operations.

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The Board also linked its work to the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), which seeks to strengthen the country’s foreign reserve position.

“GoldBod remains committed to its statutory mandate to generate foreign exchange for the country and will continue to support foreign reserve accumulation by the Bank of Ghana, in accordance with the Ghana Accelerated National Reserve Accumulation Policy (GANRAP),” the announcement said.

The November projection indicates that GoldBod expects to generate more foreign exchange from its small-scale gold trade than it did in October, while making a substantial portion available to commercial banks to support the local forex market.

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However, the Board did not specify when the US$800 million would be released to banks or how the sales would be distributed among participating institutions.