The Finance Minister, Dr Cassiel Ato Forson, has attributed the cedi’s recent strong performance in global currency rankings to the strategic interventions of the Ghana Gold Board (GoldBod).
Speaking at the official inauguration of GoldBod’s Governing Board, Dr Forson declared that the cedi’s appreciation—16.7% year-to-date as of 13 May 2025—was no coincidence but rather the result of “a robust and coordinated policy framework,” including the operationalisation of GoldBod.
“The GoldBod has already begun to fulfil its object and has contributed immensely to the recent stability of the Ghana Cedi through gold reserve accumulation,” he said.
Dr Forson highlighted how the GoldBod’s establishment was a major policy initiative championed by President John Dramani Mahama as part of a broader effort to reset Ghana’s economy.
“The Ghana GoldBod is a flagship initiative envisioned by His Excellency President Mahama for economic revitalisation,” he stated.
According to him, for too long, the gold trade in Ghana was dominated by fragmentation, unregulated players, and smuggling. This, he explained, denied the country much-needed foreign exchange inflows.
“That chaos has come to an end. The GoldBod is now the sole buyer and assayer of gold, with exclusive authority to license gold trade from Ghana’s small-scale mining sector,” Dr Forson announced.
The Finance Minister noted that the formalisation of the gold market through GoldBod has brought coherence to what was once a disjointed system involving the Bank of Ghana, PMMC, MIIF, and private entities.
“This paradigm shift will challenge traditional models reliant on old patterns,” Dr Forson remarked, adding that it would lead to more accurate forecasts and stronger foreign exchange buffers. He stressed that gold is no longer just a mineral resource but a strategic asset.
“As Africa’s leading gold producer, Ghana must now fully harness its gold potential to support economic transformation,” he asserted.
Looking ahead, Dr Forson reaffirmed government’s confidence in GoldBod’s ability to drive sustainable growth and support a stable currency environment.
He encouraged the newly sworn-in Board to maintain the momentum and play their part in delivering economic prosperity.
“I urge the Board to work hard to support and sustain this trajectory,” he said.
“Together, let us help to propel President Mahama’s ongoing reset of Ghana’s economy.”
The Finance Minister concluded by assuring Ghanaians that with the GoldBod in full operation, the outlook for the cedi and the broader economy remains “robust, sustainable, and transformative.”
Members of the Ghana Gold Board are as follows:
1. Mr. Kojo Fynn – Chairperson
2. Mr. Samuel Gyamfi – Ag. CEO of the Gold Board / Member
3. Hon. Emmanuel Armah Kofi Buah – MP, Minister for Lands and Natural Resources / Member
4. Hon. Thomas Nyarko Ampem – MP, Deputy Minister for Finance / Member
5. Dr. Johnson Asiama – Governor, Bank of Ghana / Member
6. Mr. Nelson Ahedor – Representative, Minerals Commission / Member
7. Mr. Christopher Opoku Nyarko – Representative, Ghana Chamber of Mines / Member
8. Mr. Godwin Nichelson Armah – Representative, Ghana Small Scale Miners Association / Member
9. Mr. Kwaku Effah Asuahene – Representative, Chamber of Bullion Traders / Member
10. Hon. Shaibu Mahama – MP for Daboya/Mankarigu, President’s Nominee / Member
11. Dr. Abdul Baasit Aziz-Bamba – Senior Lecturer, UG School of Law, President’s Nominee / Member
12. Ms. Marrietta Brew Appiah-Oppong – Legal Counsel to the President, President’s Nominee / Member
13. Nana Ama Amissah III – Paramount Queen Mother, Mankessim Traditional Area, President’s Nominee / Member
