THE GOVERNMENT of Ghana is betting big on gold as a cornerstone of economic transformation, with the newly inaugurated Ghana Gold Board (GoldBod) positioned as the nation’s premier engine for boosting foreign exchange reserves and ending over-reliance on traditional income sources.
Speaking at the inauguration ceremony of the GoldBod Governing Board, Finance Minister Dr. Cassiel Ato Baah Forson outlined how the Board’s exclusive mandate will help Ghana move from being a passive gold producer to a dynamic player in the global gold market.
“Ghana derives substantial foreign exchange from gold, yet our economy has long been shortchanged. We’ve relied too heavily on taxes and royalties, while others reap the true rewards of our resources,” Dr. Forson noted.
He pointed to the “gold for forex,” “gold for reserves,” and “gold for oil” initiatives as early attempts to leverage the country’s mineral wealth but emphasized that a lack of coordination among agencies diluted their effectiveness.
“With GoldBod now the single buyer and licensing authority, we are taking back control of our gold destiny,” he declared.
The new regime aims to formalize small-scale mining, improve traceability and create an efficient, transparent structure that supports the Ghana cedi and strengthens national reserves.
These reforms are already paying off: Ghana’s foreign reserves hit record levels in April, while the cedi has appreciated by 16.7% in 2025, reversing last year’s losses.
The Minister expressed confidence that this bold new direction – anchored by the GoldBod – will ensure a more resilient and self-sustaining economy. “We are no longer just mining gold – we are managing it smartly for the prosperity of every Ghanaian,” he said.
Source: Nationaltymes.com
