Accra, May 19, 2025 — Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has officially inaugurated the Governing Board of the Ghana Gold Board (GoldBod), marking what he described as a pivotal moment in the country’s drive toward economic transformation and currency stability through strategic gold resource management.
Speaking at the ceremony held in Accra, Dr. Ato Forson extended warm congratulations to the newly appointed board members on behalf of President John Dramani Mahama, noting that their appointment is the culmination of months of careful planning and legislative work.
“This inauguration marks the climax of diligent and painstaking work that began with the formation of a Technical Committee on January 27, 2025,” the Minister stated. “The Committee was tasked with developing the legal and operational framework of GoldBod, leading to the passage of the GoldBod Bill and its presidential assent.”
He commended the Committee and all stakeholders involved in what he termed a “record-time” development of a fit-for-purpose law aimed at overhauling Ghana’s gold trade framework.
Dr. Ato Forson emphasised that the Ghana Gold Board is a flagship initiative envisioned by President Mahama as part of a broader effort to revitalise Ghana’s economy. He described the Board as a key instrument for achieving currency stability by structuring the purchasing and management of the country’s gold resources.
“Although Ghana is Africa’s leading gold producer, the benefits we derive from this resource have historically been limited, confined mainly to royalties and taxes and often accompanied by environmental costs,” he observed.
The Finance Minister explained that the establishment of GoldBod represents a strategic shift from traditional methods to a comprehensive value-chain approach, covering extraction, refining, value addition, and international marketing.
Central to this agenda, he noted, is the formalisation of the small-scale mining sector and enhancement of gold traceability to meet international standards.
Until now, the gold trading sector has been plagued by fragmentation, with multiple state institutions and private entities engaging in purchasing and exporting gold, leading to inefficiencies and widespread smuggling.
“The chaos that characterised Ghana’s gold purchasing ecosystem has now ended,” Dr. Forson announced. “GoldBod is now the sole buyer and assayer of gold in Ghana, with exclusive licensing powers for trade within the small-scale mining sector.”
According to the Minister, this reform is already yielding results. He revealed that as of May 13, 2025, the Ghana cedi had appreciated by 16.7% against the US dollar, making it the best-performing currency globally year-to-date. This comes in stark contrast to a 13.4% depreciation during the same period in 2024.
He attributed the cedi’s turnaround to synchronised monetary and fiscal policies, robust foreign exchange inflows, and strategic reserve accumulation led by GoldBod.
“Our reserves at the Bank of Ghana have hit record highs, surpassing IMF targets ahead of schedule,” Dr. Forson declared. “This is not just a flash in the pan; it signifies a sustainable trajectory for the cedi.”
He urged the newly inaugurated Board to commit to maintaining this momentum and supporting the government’s efforts to reset the economy.
“In you lies the responsibility to help sustain this transformation. Let us work together to advance President Mahama’s vision of economic prosperity for all Ghanaians,” he concluded.
The inauguration sets the stage for the operational rollout of GoldBod, which is expected to become a central institution in Ghana’s financial and mineral resource architecture.
Report By: Robicon Mornahson
