GoldBod defends $1.315bn forex generation, says transactions backed by GANRAP

The Ghana Gold Board (GoldBod) has stood firm in its assertion regarding its foreign exchange generation, despite the New Patriotic Party (NPP) raising questions about the institution's reported earnings of over $1.3 billion in August. Media Relations Officer at GoldBod, Prince Kwame Minkah, clarified that these transactions are part of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

This policy, approved by both Cabinet and Parliament, is designed to bolster Ghana's gold and foreign exchange reserves, aiming to stabilize the cedi and bolster the national economy. Minkah emphasized the policy's objective: "The goal is straightforward: strategically build up our national gold and foreign exchange reserve to stabilize the cedi and protect our economy.

That is the focus." The controversy stemmed from the NPP's query at a press conference over GoldBod's reported foreign exchange activities, questioning the institution's licensing to engage in forex trading. Minkah explained that GoldBod's operations within the GANRAP involve a collaborative financing model, uniting the Ministry of Finance, the Bank of Ghana, commercial banks, and other crucial market stakeholders to support artisanal and small-scale mining gold operations.

The initiative was officially launched on August 3, 2026, and recorded notable activity during its inaugural month, with the ASM operations alone generating $1.315 billion. Minkah affirmed that August was a significant success, and the reported foreign exchange generation is linked to the broader national reserve accumulation strategy.

He stated, "GoldBod would provide a more comprehensive response to the NPP’s concerns but maintained that the reported foreign exchange generation was linked to the broader national reserve accumulation strategy. He said the initiative is ultimately intended to strengthen Ghana’s reserves and contribute to greater stability of the local currency."