Parliament Passes Ghana Goldboard Act to Boost Forex Reserves and Stabilize the Cedi
New Goldboard Act Aims to Strengthen Cedi, Boost Exports, and Create Jobs
- Ghana's Parliament has passed the Ghana Goldboard Act
- The government has allocated GHS4.6 billion in the 2025 budget as seed capital to ensure the Goldboard's smooth launch.
- Ghana was not the first country to establish such an institution
Ghana’s Parliament has passed the Ghana Goldboard Act, establishing a regulatory body designed to oversee gold transactions and accumulate foreign exchange to help stabilize the cedi.
Finance Minister Dr. Cassiel Ato Forson, speaking in Parliament, emphasized the economic advantages of the Goldboard, highlighting its potential to purchase up to three tonnes of gold weekly, generating around $250 million in foreign exchange each week.
“This initiative will enable Ghana to amass up to $12 billion in foreign exchange, providing the Central Bank with the necessary reserves to cover crucial imports,” Dr. Forson explained.
The government has allocated GHS4.6 billion in the 2025 budget as seed capital to ensure the Goldboard’s smooth launch.
The establishment of the Goldboard follows the National Democratic Congress’ (NDC) 2024 election promise to stabilize the local currency and strengthen the economy against external shocks by building gold-backed forex reserves.
Dr. Forson also noted that the initiative would improve forex stability, strengthen the cedi, and create job opportunities for Ghanaian youth.
He pointed out that Ghana was not the first country to establish such an institution, referencing Guyana’s Goldboard, which was founded in 1971.
Isaac Adongo, Chairman of Parliament’s Finance Committee, stated that the Goldboard would formalize the government’s role in purchasing gold from small-scale miners, significantly boosting Ghana’s gold exports.
