Finance Minister Inaugurates Ghana Gold Board, Attributes Cedi’s Gains to Gold Sector Reforms

The Minister for Finance, Dr. Cassiel Ato Forson, has officially inaugurated the Governing Board of the Ghana Gold Board (GoldBod), charging the newly sworn-in members to use their expertise to reposition gold as a key driver of Ghana’s economic transformation.

Speaking at the inauguration ceremony in Accra, Dr. Forson underscored the vital role of the gold sector in national development and highlighted how the government, under the leadership of President John Dramani Mahama, is harnessing Ghana’s rich mineral resources to secure long-term economic growth.

“The gold industry is central to our economic revival agenda. With proper regulation and strategic investment, we can transform it into a sustainable source of revenue, job creation, and foreign exchange,” he stated.

Dr. Forson attributed the recent strengthening of the Ghana cedi—recording a 16.7% appreciation year-to-date as of May 13, 2025—to interventions led by the GoldBod, which has begun implementing measures to stabilize the gold trade and enhance national gold reserves.

“The cedi’s strong performance is not accidental. It is the result of a robust and coordinated policy framework, including the operationalisation of the Ghana Gold Board,” he said.

According to the Finance Minister, GoldBod has already started fulfilling its core mandate of formalizing the gold trade, accumulating reserves, and serving as the sole buyer and assayer of gold from Ghana’s small-scale mining sector. This, he said, has helped reduce smuggling, improve regulation, and support the Bank of Ghana’s efforts in managing the country’s foreign exchange position.

“For too long, our gold sector was fragmented, dominated by unregulated players, and plagued by smuggling, costing the nation valuable foreign exchange. That chaos has come to an end,” he declared.

He praised GoldBod as a flagship initiative of President Mahama, aimed at resetting the Ghanaian economy and restructuring key sectors for sustainable growth.

“This institution is a strategic pillar in our broader economic revitalisation plan,” Dr. Forson added. “Gold is no longer just a mineral commodity—it is now a strategic national asset.”

The Finance Minister also emphasized the importance of moving away from outdated institutional models and creating a unified structure for the gold value chain. By streamlining the roles of entities like the Bank of Ghana, Precious Minerals Marketing Company (PMMC), the Minerals Income Investment Fund (MIIF), and other stakeholders, GoldBod is expected to create coherence and boost investor confidence.

Dr. Forson expressed confidence that GoldBod’s continued success will help stabilize the currency and strengthen Ghana’s macroeconomic fundamentals.

“With GoldBod fully operational, the future of the cedi—and the Ghanaian economy—is robust, sustainable, and transformative,” he affirmed. “Let us work together to propel President Mahama’s reset of the economy to success.”

Chairman of the newly inaugurated board, Mr. Kojo Fynn, assured the Minister and the public of the board’s commitment to delivering results. “We are fully committed to the mandate of this institution and will work diligently to elevate the gold trade for the benefit of Ghana’s economy,” he said.