Minister for Finance, Dr. Ato Cassiel Forson, is full of applauds for lawyer Sammy Gyamfi-led GoldBod, disclosing that the initiative has already began to fulfil its objectives by contributing immensely to the recent stability of the Ghana Cedi through gold reserve accumulation.
“I am pleased to observe that the GoldBod has already began to fulfil its object and has contributed immensely to the recent stability of the Ghana Cedi through gold reserve accumulation,” the minister stated.
Speaking at the inauguration of the governing board of GoldBod in Accra on Monday, Dr. Forson emphasized that Ghana’s dominant role as Africa’s leading gold producer has not translated into proportional economic benefits due to decades of underutilization of the gold value chain. “Our gains from gold have historically been limited to royalties and taxes. This must change,” he indicated, highlighting the need to harness the full spectrum from extraction and refining to marketing and international trade.
The newly established GoldBod, he explained, is the government’s response to a previously disorganized and unregulated gold purchasing sector that allowed smuggling and foreign currency losses to persist.
According to him, by granting the GoldBod exclusive rights to buy, assay, and license gold from the small-scale mining sector, the state would regain control and maximize foreign exchange returns.
Dr. Ato Cassiel Forson who is also Member of Parliament for Ajumako Enyan Esiam also disclosed that the cedi’s recent appreciation 16.7% against the US dollar as of May 13, 2025 was partly driven by strategic gold reserve accumulation under the GoldBod’s stewardship. This comes in stark contrast to the 13.4% depreciation recorded during the same period last year.
“This turnaround is no accident, it is the outcome of bold reforms, sound fiscal and monetary discipline, and a deliberate policy to boost reserves using our own resources primarily gold,” the minister noted.
He praised the collaboration between the Ministry of Finance and the Bank of Ghana, noting aggressive liquidity sterilization and prudent fiscal measures as key to the current macroeconomic stability.
Foreign reserves hit a record high in April 2025, surpassing IMF targets ahead of schedule, further reinforcing confidence in the sustainability of the cedi’s gain
“But the unprecedented performance of the Ghana cedi has not come at the cost of our safety net. In fact, our foreign exchange reserves at the Bank of Ghana reached a record-high in April 2025, surpassing targets set under the IMF-supported programme ahead of schedule. This underscores the sustainability of the cedi’s performance,” the minister underscored.
Dr. Forson further predicted a fundamental shift in how Ghana’s economy and currency would be analysed. “Traditional models will need to evolve. The GoldBod’s operations will redefine projections and introduce new dynamics in foreign exchange accumulation and monetary policy,” he said.
He rallied support for the newly appointed GoldBod Board and affirmed the government’s commitment to fulfilling President Mahama’s vision of economic renewal driven by domestic resource optimization.
