Finance Minister Dr. Cassiel Ato Forson has described the newly inaugurated Ghana Gold Board (GoldBod) as a strategic pillar in President John Dramani Mahama’s vision to stabilize the national currency and harness the full value of Ghana’s gold resources.
Speaking at the official inauguration of the Board of Directors for the GoldBod in Accra on Monday, Dr. Forson stated that the institution will be central to Ghana’s economic revitalization by formalizing gold trading, curbing smuggling, and boosting foreign exchange reserves.
“The GoldBod is a vehicle for achieving currency stability through the structured purchasing and management of Ghana’s gold resources,” Dr. Forson said.
The Finance Minister lamented the previous state of fragmentation and inefficiency that plagued the gold sector, with multiple institutions and individuals engaged in uncoordinated purchasing activities.
“The chaos in Ghana’s gold purchasing sector has come to an end. GoldBod is now the sole buyer and assayer of gold from Ghana’s small-scale mining sector, with the exclusive mandate to grant licenses,” he declared.
Dr. Forson explained that this new centralized system will prevent smuggling and streamline revenue generation from Ghana’s most valuable mineral resource.
The Finance Minister attributed the recent appreciation of the Ghanaian cedi in part to the work of GoldBod. He revealed that as of May 13, 2025, the cedi had appreciated by 16.7% against the US dollar, reversing the 13.4% depreciation recorded during the same period in 2024.
“The Ghana cedi has solidified its position as the standout performer among global currencies,” he said, adding that the currency’s performance had earned it top-performing currency status for April 2025.
This success, according to the Minister, is a result of coordinated monetary and fiscal policies, robust foreign exchange inflows from gold, cocoa, and remittances, and a favourable global market environment.
The Finance Minister emphasized that this transformation in Ghana’s currency trajectory is not only positive but also sustainable.
“Our foreign exchange reserves at the Bank of Ghana hit a record high in April 2025—exceeding IMF-supported programme targets ahead of schedule,” he revealed.
He noted that the operations of the GoldBod will continue to play a key role in foreign exchange accumulation and long-term currency strength.
“This is a paradigm shift that will challenge outdated economic models and redefine how we view Ghana’s forex potential,” Dr. Forson asserted.
Dr. Forson urged the newly sworn-in members of the GoldBod Board to uphold the President’s vision and ensure the long-term sustainability of the gains made.
He urged the Board to work hard to support and sustain this trajectory and help to propel President Mahama’s ongoing reset of Ghana’s economy and deliver prosperity for all Ghanaians.
The Members of the Board
Chairperson, Kojo Fynn; The Chief Executive Officer, Sammy Gyamfi; Minister for Mines and Natural Resources, Emmanuel Armah-Kofi Buah (MP); Deputy Minister, Thomas Nyarko Ampem (MP); BOG Governor, Dr. Johnson Pandit Kwesi Asiamaa; Nelson Ahedor, Minerals Commission representative; Mr. Christopher Opoku Nyarko, Ghana Chamber of Mines; Godwin Nickelson Amarh, Association of Small Scale Miners; Kwaku Effah Asuahene; Shaibu Mahama, MP; Dr. Abdul-Baasit Aziz-Bamba; Marietta Agyelwaa Brew; and Nana Ama Amissah III