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Finance Minister Dr. Cassiel Ato Forson has credited the efficient operations of the Ghana Gold Board (GoldBod) as a major force behind the country’s recent foreign exchange stability and gold-backed inflows.
According to him, the state-run agency—established to regulate and promote Ghana’s gold sector—has become a “game-changer” in strengthening the cedi and stabilizing the economy.
Ghana’s currency has enjoyed an impressive run, earning global attention in April when it was ranked the world’s best-performing currency after appreciating by 16.7% against the US dollar.
Bank of Ghana Governor, Dr. Johnson Asiamah, told Reuters that the central bank has since rebuilt its foreign reserves to the equivalent of four and a half months of import cover—an important recovery from the near depletion experienced during the 2022 economic crisis. He attributed much of this turnaround to GoldBod’s success in plugging foreign-exchange leakages.
The boost in reserves has improved the nation’s FX buffer, strengthened investor confidence, enhanced fiscal credibility, and encouraged more capital inflows.
By the end of September 2025, the central bank’s gold reserves had risen to 37.06 tonnes, thanks largely to GoldBod’s aggressive domestic gold procurement strategy.
Ghana’s innovative model has also won continental admiration. In October, finance ministers from five African nations—Liberia, Sierra Leone, The Gambia, Sudan, and Ghana—hailed the GoldBod framework as a benchmark for resource-led development during a high-level meeting on the sidelines of the 2025 IMF–World Bank Annual Meetings in Washington. The discussions, which included AfDB President Dr. Sidi Ould Tah, highlighted natural resource governance as a key pillar of Africa’s development agenda.
Since its establishment in March, GoldBod has generated about $8 billion by centralizing the purchase and export of gold, ensuring that foreign exchange earnings are retained within Ghana.
With its continued success, the GoldBod model is attracting interest from several African countries looking to learn from Ghana’s approach to gold regulation, trading, and certification.
