The Minister for Finance and Acting Defence Minister, Dr Cassiel Ato Forson, has saluted the accomplishments of Sammy Gyamfi at the Ghana Gold Board (GoldBod), describing them as nothing short of a miracle.
According to him, what the GoldBod Chief Executive has achieved within months of his appointment would ordinarily have taken several years.
Speaking in a recent interview, the Finance Minister revealed that the establishment of GoldBod formed a critical pillar of the government’s strategy to tackle inflation, stabilise the cedi, and address long-standing structural weaknesses in Ghana’s economy.
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He said the government’s early focus was on inflation control, reserve accumulation, and restoring macroeconomic stability through targeted reforms and strong institutional leadership.
“I knew I had to tackle inflation. I had to tackle the structural issues. The key question was: How do we build reserves to stabilise the currency?” he stated.
Dr Forson described GoldBod as a concept that had existed for years but required the right leadership to make it work.
He disclosed that President John Dramani Mahama’s choice of leadership for GoldBod proved decisive.
“Sammy Gyamfi always came to mind, and the President chose him. He’s a young man with drive. It’s difficult to get such people — not just with energy, but energy that comes with determination and a can-do spirit,” he said.
“To be honest, the kind of work he has done in the last few months would have taken someone five years to do. I salute him,” he added.
Dr Forson also commended the Bank of Ghana and its Governor for their role in tightening monetary policy and supporting fiscal reforms.
He stressed that unprecedented coordination between the Ministry of Finance and the Central Bank has been key to Ghana’s economic recovery.
“I salute the Governor and the Central Bank for what they’ve done — tightening money supply and sterilising about GH₵55 billion to help bring inflation down,” he said.
The Finance Minister noted that structural reforms involving GoldBod and COCOBOD have strengthened Ghana’s foreign exchange buffers and improved liquidity management.
“The structural changes around GoldBod and COCOBOD coming together have helped build strong FX buffers, enabling the Central Bank to intervene effectively as part of its mandate,” he explained.
He said the combined impact of fiscal discipline, monetary tightening, and institutional reforms is now visible.
“Today, you can see the economy doing well. It’s a combination of efforts,” Dr Forson stated.
Dr Forson attributed the success of the reforms largely to the direct involvement and leadership of President Mahama, describing his support as indispensable.
“None of this would have been possible without the President’s support. We wouldn’t have achieved even a quarter of what we have without his guidance,” he said.
He revealed that President Mahama remains deeply engaged in policy execution.
“Every single day, he’s involved — guiding you, supporting you, breaking ideas down, and helping you refine them. He says, ‘Do this, don’t do that. Go ahead, don’t be afraid, I’ve got your back,” Dr Forson recounted.
Reflecting on earlier projections, Dr Forson said the results are already evident.
“I remember saying that if we do this well, within a year, we will see the difference. Before God, today you can see it,” he said.