Ghana’s Finance Minister, Dr. Cassiel Ato Forson, today officially inaugurated the Governing Board of the newly established Ghana Gold Board (GoldBod), heralding it as a pivotal institution for transforming Ghana’s gold value chain and ensuring long-term currency stability.
Addressing the inaugural ceremony in Accra, Dr. Forson congratulated the new Board members on their appointment on behalf of President John Dramani Mahama. He described the launch of GoldBod as the culmination of months of intense work, which began on January 27, 2025, with the formation of a Technical Committee to develop a legal and operational framework for the new agency.
“The GoldBod is a flagship initiative envisioned by His Excellency President Mahama for economic revitalization. It is designed as a strategic vehicle to achieve currency stability through the structured management of Ghana’s gold resources,” Dr. Forson stated.
According to the Minister, Ghana’s status as Africa’s top gold producer has not translated into the expected economic gains, with the nation relying mainly on royalties and taxes for revenue from the mineral. He emphasized that GoldBod will help Ghana move beyond these traditional income streams by formalizing the gold trade, especially from the small-scale mining sector, and ensuring better marketing, traceability, and value addition.
Dr. Forson highlighted that the previously fragmented and unregulated gold purchasing system—which involved the Precious Minerals Marketing Company (PMMC), the Bank of Ghana, the Minerals Income Investment Fund (MIIF), and numerous private individuals—contributed to smuggling and significant foreign exchange losses.
“With the establishment of GoldBod, we are ending the chaos. It is now the sole authorized buyer and assayer of gold from the small-scale mining sector, with exclusive licensing power,” the Finance Minister declared.
He credited GoldBod’s operations with playing a key role in the recent appreciation of the Ghana cedi. As of May 13, 2025, the cedi had appreciated by 16.7% against the US dollar, reversing a 13.4% depreciation during the same period in 2024. The currency’s performance was ranked as the best globally in April 2025.
This stability, according to Dr. Forson, is underpinned by coordinated fiscal and monetary policies, improved gold inflows, and increased foreign exchange reserves at the Bank of Ghana—surpassing IMF program targets ahead of schedule.
“The activities of GoldBod will fundamentally change the trajectory of our currency and forex accumulation. This paradigm shift will challenge traditional economic models,” he added.
Dr. Forson called on the newly sworn-in Board to work diligently to uphold and enhance this progress, urging them to contribute meaningfully to President Mahama’s broader economic recovery agenda.
“Together, let us help to propel His Excellency President John Dramani Mahama’s ongoing reset of Ghana’s economy and our effort to deliver economic prosperity for all Ghanaians,” he concluded.
The inauguration is seen as a significant step in Ghana’s efforts to assert greater control over its mineral wealth and to use it as a tool for national economic transformation.
