The Institute of Fiscal Policy Research (IFPR) says Ghana’s latest foreign exchange gains from gold trading could help strengthen the country’s economic resilience and reduce its dependence on emergency external financing.

The assessment follows GoldBod’s generation of US$1.871 billion in foreign exchange from artisanal and small-scale mining gold operations in September 2026, exceeding its US$1.4 billion target by US$471 million.

Of the amount generated, US$701.3 million was sold to authorised commercial banks to support foreign exchange market stability, while US$1.170 billion was provided to the Bank of Ghana for reserve accumulation.

According to the IFPR in a statement issued by Senior Research Fellow, Robert Nti, the figures are significant for an economy that has repeatedly faced dollar shortages, exchange rate pressures and difficult external financing conditions.

“For an economy repeatedly exposed to dollar shortages, exchange rate pressures and difficult external financing conditions, these inflows represent more than a successful month of gold trading. They offer a practical route towards building the financial strength Ghana needs to withstand shocks and sustain its own recovery,” the Institute said.

The IFPR said the performance also raises questions about whether Ghana can use its mineral wealth to build sufficient financial strength to avoid repeated recourse to the International Monetary Fund (IMF).

“GoldBod’s performance raises a compelling national question: can Ghana use its mineral wealth to build enough economic strength to avoid another IMF bailout?”

However, the Institute cautioned that stronger foreign exchange reserves alone would not resolve Ghana’s broader fiscal challenges.

“Lasting independence from emergency support will also require disciplined public spending, sustainable borrowing, effective revenue collection and an economy capable of earning foreign exchange from multiple sources,” it said.

GoldBod has set a US$1.5 billion foreign exchange target for October, with US$1 billion earmarked for commercial banks and up to US$500 million for the Bank of Ghana’s reserves.

The IFPR said the next test would be whether GoldBod can maintain the strong inflows and translate them into lasting economic benefits.

“The next test is consistency: maintaining strong inflows, managing costs and ensuring that gold trading delivers durable benefits across the economy.”

The Institute said GoldBod’s performance had opened an opportunity for Ghana to turn its gold resources into stronger reserves, greater stability and increased economic independence.