Finance Minister, Dr. Cassiel Ato Forson, has credited the country’s renewed foreign exchange stability and robust gold-backed inflows to the efficien
Finance Minister, Dr. Cassiel Ato Forson, has credited the country’s renewed foreign exchange stability and robust gold-backed inflows to the efficient operations of the Ghana Gold Board (GoldBod), positioning the young institution as a central pillar in the government’s economic recovery strategy.
Speaking to the media, Ato Forson said GoldBod’s coordinated oversight of the gold sector has become “a game-changer” in closing foreign-exchange leakages and strengthening the cedi, which posted one of its strongest performances in years.
In April, the local currency made global headlines after being ranked the world’s best-performing currency, appreciating by 16.7 percent against the U.S. dollar.
A Crisis-Turned-Reform
GoldBod was established in March 2025 as part of sweeping reforms introduced after the 2022 economic crisis, when the country’s foreign reserves fell dangerously low and the cedi plummeted. The government, working with the Bank of Ghana, designed GoldBod to centralize gold purchasing, regulate exports and ensure that proceeds from the precious metal — the most valuable export — returned directly to the national economy.
Before the reforms, unregulated sales and weak tracking mechanisms allowed significant foreign exchange leakage.
The new centralized structure tightened accountability, improved transparency, and ensured gold export earnings were officially captured.
Foreign Reserves Strengthened
Governor of the Bank of Ghana, Johnson Asiamah, told Reuters last week that the foreign reserves have now been rebuilt to the equivalent of four and a half months of import cover — a dramatic improvement from the near-collapse of 2022.
He attributed a significant part of this turnaround to GoldBod’s efficiency in plugging FX leakages and ensuring that gold-backed inflows remained within the formal system.
The central bank’s gold reserves rose sharply to 37.06 tonnes by the end of September 2025. Officials say this rise is directly tied to GoldBod’s domestic procurement strategy, which has boosted local supply, reduced dependence on external markets, and strengthened investor confidence.
Global Recognition
The approach to natural resource governance has not gone unnoticed. In October, on the sidelines of the IMF–World Bank Annual Meetings in Washington, finance ministers from five African nations hailed GoldBod as a continental benchmark for resource-led development.
Finance ministers from Liberia, Sierra Leone, The Gambia, and Sudan joined Ghana in a high-level policy dialogue with African Development Bank President Dr. Sidi Ould Tah.
The GoldBod model dominated the discussions, with leaders noting its potential for replication across the continent.
$8 Billion Inflows and Growing Interest from Africa
Data from the Finance Ministry indicates that GoldBod has brought in approximately $8 billion since its establishment through centralized gold purchases and exports. The inflows have supported the country’s foreign exchange buffer and helped create fiscal stability in a period marked by global shocks and tightening international credit.
Officials say several African governments have already expressed interest in adopting versions of Ghana’s model, especially those seeking to formalize their artisanal mining sectors and strengthen their gold certification and export frameworks.
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