Finance Minister Dr. Cassiel Ato Forson has attributed Ghana’s improved foreign exchange stability and significant gold-backed inflows to the efficient operations of the Ghana Gold Board (GoldBod).
According to him, the state-run agency responsible for regulating and promoting the country’s gold sector has been a “game-changer” in strengthening the cedi and restoring broader economic stability.
The cedi’s impressive performance over the period has drawn widespread attention, after it was rated the world’s best-performing currency in April with a 16.7% appreciation against the US dollar.
Bank of Ghana Governor Johnson Asiamah told Reuters that the central bank has rebuilt its foreign reserves to the equivalent of four and a half months of import cover, up from dangerously low levels during the 2022 economic crisis, crediting GoldBod’s role in plugging foreign-exchange leakages.
The rise in reserves has strengthened the country’s foreign exchange buffer, boosted investor confidence, enhanced fiscal credibility, and supported increased capital inflows.
The central bank’s gold reserves climbed to 37.06 tonnes by the end of September 2025, driven largely by GoldBod’s domestic gold procurement strategy.
In October, finance ministers from five African countries also hailed Ghana’s pioneering GoldBod model as a benchmark for resource-led development across the continent.
The meeting, held on the sidelines of the 2025 IMF–World Bank Annual Meetings in Washington, commended Ghana’s approach to natural resource governance.
The high-level session brought together finance ministers from Ghana, Liberia, Sierra Leone, The Gambia, and Sudan, alongside the President of the African Development Bank (AfDB) Group, Dr. Sidi Ould Tah.
Among the wide-ranging issues on Africa’s development agenda, natural resource management featured prominently, with Ghana’s GoldBod drawing particular praise.
Established in March, GoldBod has generated about $8 billion by centralizing the purchase and export of gold, ensuring that foreign currency earnings return to Ghana.
The model continues to attract interest from several African countries seeking to learn from Ghana’s experience in building strong institutional structures to regulate gold trading and certification.
Source: Myxyzonline.com
