GoldBod Inauguration Marks New Era in Ghana’s Gold Sector — Finance Minister

Finance Minister Dr. Cassiel Ato Forson has declared the official inauguration of the Ghana Gold Board (GoldBod) a landmark moment in the country’s journey toward economic revitalization and currency stability.

Speaking at the swearing-in of the newly constituted Governing Board of GoldBod, Dr. Forson emphasized the strategic role the institution will play in managing and maximizing Ghana’s gold resources.

Congratulating board members on behalf of President John Dramani Mahama, the Minister hailed the culmination of months of dedicated work, which began with the establishment of a technical committee on January 27, 2025.

The committee was tasked with developing a robust legal and operational framework for GoldBod, culminating in the successful passage and presidential assent of the GoldBod Act.

“This is not just a milestone in institutional development—it is a bold step in reimagining how Ghana harnesses its gold wealth for national prosperity,” Dr. Forson said.

A Vision to Maximize Value from Gold

Ghana, Africa’s leading gold producer, has historically benefited from the mineral primarily through royalties and taxes. However, Dr. Forson highlighted that these traditional revenue streams have fallen short of delivering the full economic potential of the country’s gold industry.

“It’s time Ghana moves beyond just collecting royalties. We must tap into the full gold value chain—from extraction to refining, value addition, and strategic marketing,” he noted.

GoldBod, according to the Minister, will serve as a specialized agency tasked with overseeing and optimizing the structured purchase, refining, and marketing of gold, especially from the small-scale mining sector. It will also champion traceability and formalization, ensuring Ghanaian gold meets international standards and ethical sourcing requirements.

Ending Fragmentation and Smuggling

Previously, the gold purchasing landscape in Ghana was plagued by fragmentation. Entities such as the Precious Minerals Marketing Company (PMMC), Bank of Ghana, Minerals Income Investment Fund (MIIF), and a host of licensed private aggregators operated independently, leading to inefficiencies, regulatory lapses, and rampant smuggling.

“That chaotic era is over,” Dr. Forson declared. “GoldBod now holds the exclusive mandate as the sole buyer and assayer of gold from Ghana’s small-scale mining sector.”

This centralized approach is designed to curb illegal gold trade and boost foreign exchange earnings for the country.

Boosting the Cedi and Economic Stability

Dr. Forson credited the early activities of GoldBod as a major contributor to the strengthening of the Ghana Cedi, which appreciated 16.7% against the US dollar as of May 13, 2025—reversing a 13.4% depreciation recorded during the same period in 2024. The currency was named the top-performing currency globally in April 2025.

“The cedi’s unprecedented performance is not accidental,” he said. “It is the result of disciplined fiscal policies, stringent monetary measures, and improved foreign exchange inflows—especially from gold.”

In April 2025, Ghana’s foreign exchange reserves hit a record high, surpassing targets set under the IMF-supported programme. The Minister said the continued operations of GoldBod will further strengthen this performance, reshaping traditional projections of the cedi’s behavior.

A Call to Action

Dr. Forson urged the newly appointed Board to work diligently to sustain this trajectory and contribute to the broader vision of economic transformation under President Mahama’s administration.

“Together, let us support the ongoing reset of Ghana’s economy and help deliver prosperity for all,” he concluded.

The GoldBod inauguration signals a transformative phase for Ghana’s mineral resource governance, with expectations high for its role in promoting transparency, accountability, and economic growth.