Finance Minister Dr. Cassiel Ato Forson has declared the launch of the Ghana Gold Board (GoldBod) a bold and transformative milestone in President John Dramani Mahama’s economic vision—aimed at stabilizing the cedi, eliminating gold smuggling, and unlocking the full value of Ghana’s mineral wealth.
He described the new institution as a ‘strategic pillar for sustainable economic growth’, emphasizing its role in formalizing gold trading and enhancing foreign exchange reserves.
“GoldBod is a powerful vehicle to secure currency stability and ensure Ghana benefits fully from its gold resources,” he said.
Order in gold trade
Speaking at the inauguration ceremony of the GoldBod Board of Directors in Accra on Monday, Dr. Ato Forson criticized the previously chaotic and uncoordinated nature of Ghana’s gold trade, which had allowed smuggling and revenue losses to flourish under fragmented institutional control. That disorder, he said, is now a thing of the past.
“The confusion is over. GoldBod is now the sole authorized buyer and assayer of gold from the small-scale mining sector. It holds exclusive licensing powers,” he declared, promising a new era of transparency and accountability.
The Minister emphasized that this centralized approach would increase state revenues, prevent smuggling, and improve oversight of Ghana’s most valuable natural resource.
Cedi’s global comeback
Praising the cedi’s recent surge in global currency markets, Dr.Ato Forson credited the positive momentum to strategic reforms, including the early success of GoldBod. He noted that as of May 13, 2025, the cedi had appreciated by 16.7% against the US dollar—completely reversing the 13.4% depreciation recorded during the same period in 2024.
“The cedi is now a global standout—April’s top-performing currency worldwide,” he revealed, calling the development a signal of growing investor confidence in Ghana’s economy.
This turnaround, he said, was driven by coordinated fiscal discipline, rising export revenues from gold and cocoa, steady remittance inflows, and a favorable international market environment.
Dr. Forson assured Ghanaians that the positive currency performance and increased reserves are not temporary. He revealed that Ghana’s foreign exchange reserves at the Bank of Ghana had hit a record high in April 2025 – surpassing IMF programme benchmarks ahead of schedule.
“This is not a spike—it’s a sustainable trajectory. GoldBod will be central in maintaining strong forex buffers and ensuring long-term economic stability,” he said.
Describing the new economic outlook as a ‘paradigm shift,’ Dr. Forson said Ghana is proving that smart, resource-backed policies can redefine national fortunes.
A charge to the new board
Calling on the newly sworn-in members of the GoldBod Board, Dr. Forson tasked them to protect the gains achieved so far and fully commit to the vision of transforming Ghana’s gold sector into a reliable growth engine.
“Support this momentum. Help deliver President Mahama’s economic reset and create prosperity for all Ghanaians,” he urged.
Board Members of GoldBod
Chairperson: Kojo Fynn
Chief Executive Officer: Sammy Gyamfi
Minister for Lands and Natural Resources: Emmanuel Armah-Kofi Buah (MP)
Deputy Minister: Thomas Nyarko Ampem (MP)
Governor, Bank of Ghana: Dr. Johnson Pandit Kwesi Asiamaa
Minerals Commission Representative: Nelson Ahedor
Ghana Chamber of Mines: Mr. Christopher Opoku Nyarko
Small-Scale Miners Association: Godwin Nickelson Amarh
Other members: Kwaku Effah Asuahene, Shaibu Mahama (MP), Dr. Abdul-Baasit Aziz-Bamba, Marietta Agyelwaa Brew, Nana Ama Amissah III