President John Dramani Mahama has announced plans to leverage Ghana’s gold resources to build a strong financial buffer capable of shielding the country from future global economic disruptions.
Speaking during his State of the Nation Address in Parliament, the President said persistently high global gold prices over the next three years offer Ghana a strategic opportunity to reinforce macroeconomic stability, stabilise the cedi and enhance living standards.
He described the initiative as the creation of an “economic war chest” that would protect the country from external shocks while laying the foundation for lasting prosperity.
At the centre of the strategy is the Ghana Gold Board (GoldBod), which has been mandated to spearhead the accumulation of foreign exchange reserves through structured gold purchases from artisanal small-scale miners and selected large-scale mining firms. The Board intends to procure 127 tonnes of gold annually from licensed miners nationwide.
The government aims to expand international reserves, secure significant foreign exchange inflows and strengthen the local currency without resorting to additional public borrowing.
President Mahama credited GoldBod with contributing to Ghana’s improved reserve position, which now stands at $13.8 billion—equivalent to 5.7 months of import cover. He noted that within 10 months, 103 tonnes of gold were exported, generating more than $10 billion in foreign exchange earnings.
He added that efforts to formalise gold exports have curtailed smuggling and increased officially recorded exports in the artisanal small-scale mining sector, with exports projected to hit 66.3 tonnes by the end of 2024.
Meanwhile, Finance Minister Cassiel Ato Forson recently announced that GoldBod will lead the implementation of the Ghana Accelerated National Reserve Accumulation Policy (GANARAP) — the country’s first comprehensive framework focused on building sustainable macroeconomic stability and strengthening external reserves through gold-backed strategies
Mahama Unveils Gold-Backed Strategy to Safeguard Economy Against Global Shocks
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The New Crusading Guide is a privately own newspaper in Ghana with Mr ABdul Malik Kweku Baako as its Editor in Chief. We give you the latest news