Mahama’s GoldBod, The Real McCoy! … Ato Forson Says It Has Stopped Chaos In Gold Purchases … Robust And Sustainable Outlook For The Ghana Cedi Expected

The Finance Minister, Dr. Cassiel Ato Forson, has declared that Ghana has finally put an end to the long-standing confusion and fragmentation in the gold purchasing sector.

He made this assertion during the official inauguration of the Governing Board of the newly established Ghana Gold Board (GoldBod), a state entity tasked with streamlining gold trade in the country.

Addressing the Board and dignitaries at the event, Dr. Forson said: “The erstwhile chaos in Ghana’s gold purchasing sector that prevented the nation from fully benefiting from its gold resources has come to an end.”

According to the Minister, multiple institutions previously engaged in gold trading without coordination, which not only diluted the country’s revenue potential, but also led to widespread gold smuggling and foreign exchange losses.

Among the entities operating simultaneously were the Precious Minerals Marketing Company (PMMC), the Bank of Ghana and the Minerals Income Investment Fund (MIIF), as well as various private aggregators and licensed exporters, both local and foreign.

“The PMMC was initially mandated to purchase and sell gold, but this mandate was not exclusive. The Bank of Ghana also used PMMC and private aggregators for programs such as ‘Gold for Forex,’ ‘Gold for Reserves,’ ‘Gold for Oil,’ and ‘Gold for Cash,’” Dr. Forson elaborated.

He continued, “Even the MIIF, whose primary responsibility was mineral investment, ventured into gold buying and ended up incurring substantial financial losses.”

The situation became further complicated by the activities of individuals with gold buying and export licenses, whose operations often fell outside the bounds of regulation.

This fragmented ecosystem, the Minister said, made it almost impossible for the state to effectively monitor, manage or profit from the country’s abundant gold resources.

“All of this now belongs in the past, because the Ghana GoldBod is now the sole buyer and assayer of gold, with exclusive mandate to grant licenses to engage in the trade of gold from Ghana’s small-scale mining sector,” Dr. Forson emphasised.

He praised the Board and the technical committee that helped bring the vision to life, describing the GoldBod as a “flagship initiative” of President Mahama, intended to ensure currency stability and economic revitalisation through structured gold management.

The Minister revealed that the GoldBod is already playing a significant role in Ghana’s economic turnaround.

“The GoldBod has already begun to fulfill its object and has contributed immensely to the recent stability of the Ghana cedi through gold reserve accumulation,” he noted.

As of May 13, 2025 the Ghana cedi has appreciated by an impressive 16.7% against the US dollar, making it the top-performing global currency year-to-date. This stands in sharp contrast to the 13.4% depreciation experienced over the same period in 2024.

“This rally stems from a robust policy framework, underpinned by synchronised monetary and fiscal measures, as well as a favourable global context,” Dr. Forson said.

He attributed the currency’s performance to collaborative efforts between the Bank of Ghana and the Ministry of Finance, which include stringent monetary policy, aggressive liquidity sterilisation and disciplined fiscal management.

Enhanced inflows from gold, cocoa and remittances have also played a key role, aided by a weakening US dollar on the global market.

Perhaps most telling of the success of the new gold management regime is the improvement in Ghana’s foreign exchange reserves.

“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,” Dr. Forson revealed.

He stressed that this development underscores the sustainability of the cedi’s performance and the long-term benefits of the reforms initiated by GoldBod.

Dr. Forson believes that GoldBod’s activities will reshape Ghana’s economic fundamentals, challenging traditional models and opening new frontiers for currency and fiscal management.

“This paradigm shift will challenge traditional models reliant on old patterns, potentially leading to inaccurate projections and missing the true potential of the cedi,” he said.

The Minister assured the public of a robust and sustainable outlook for the Ghana cedi, reaffirming the government’s commitment to building a resilient and prosperous economy.

“Together, let us help to propel His Excellency President John Dramani Mahama’s ongoing reset of Ghana’s economy and our effort to deliver economic prosperity for all Ghanaians,” he concluded.

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