Efforts to revitalize Ghana’s economy and stabilize the Cedi have received a major boost with the inauguration of the Ghana Gold Board (GoldBod), a newly established state agency tasked with the structured purchasing and strategic management of the nation’s gold resources.
Speaking at the inauguration ceremony on Monday, 19 May in Accra, Finance Minister Dr. Cassiel Ato Forson described the GoldBod as a critical vehicle for achieving currency stability, asserting that its formation signals a paradigm shift in how Ghana leverages its position as Africa’s top gold producer.
“The GoldBod is a vehicle for achieving currency stability through the structured purchasing and management of Ghana’s gold resources,” Dr. Forson stated, highlighting the board’s core mandate.
According to Dr. Forson, the GoldBod will help consolidate state control over gold resources and improve Ghana’s economic leverage in the global market.
The newly inaugurated GoldBod will play a central role in reshaping Ghana’s approach to gold trade—streamlining the sector, curbing smuggling, enhancing transparency, and providing a unified framework for buying, assaying, and licensing, especially within the small-scale mining industry.
The government sees the GoldBod as a strategic lever in its quest to deepen the country’s participation in the gold value chain while insulating the economy from external shocks.
As Dr. Forson emphasized, the board is not just a regulatory body but a cornerstone of Ghana’s economic reset.
“It will change how both the Ghana cedi and Ghana’s foreign exchange accumulation will behave in the future,” he said.
The GoldBod’s activities are expected to complement fiscal and monetary tightening measures and accelerate the country’s path to economic recovery and resilience.
The newly constituted Board of Directors—comprised of sector experts, government officials, and industry stakeholders—has been charged with steering the GoldBod’s strategic vision under the leadership of Chairman Mr. Kojo Fynn.
Source: Myxyzonline.com
