By: Baba Mohammed Issahak
Ghana’s efforts to boost foreign exchange and stabilize the cedi are already yielding results, with the country earning over $1.1 billion from the purchase and export of more than 11 tonnes of gold just a month after the full-scale rollout of the Goldbod initiative. According to the finance minister.
The Finance Minister, Dr Cassiel Ato Forson, made the announcement, describing the development as a “major milestone” in the country’s economic strategy to strengthen its currency, build international reserves, and promote increased local participation in the gold trade.
“This is a major milestone in our efforts to strengthen the cedi, build reserves, and increase local participation in the gold trade,” Dr Ato Forson stated.
He made the remarks during the swearing-in of a new board for the Minerals Income Investment Fund (MIIF), where he called on the incoming leadership to maintain the momentum created by the Goldbod initiative. Dr. Ato Forson emphasized the importance of transparency and accountability in managing Ghana’s mineral wealth.
MIIF, established to strategically invest in Ghana’s mineral resources, has come under scrutiny in recent years for poor governance and resource mismanagement. Between 2019 and 2024, the Fund’s operations were reportedly undermined by inefficiencies and weak oversight.
“Until a clear turnaround is evident, the government has reduced financial flows to MIIF,” Dr Forson noted. “However, if the new Board—under the leadership of Mr. Richard Kwame Asante—restores discipline and focus, we will re-engage fully.”
Dr Ato Forson stressed that Ghana must not only mine gold but also secure ownership and economic returns from its resources. “MIIF must pursue significant equity in mining ventures and ensure Ghanaian businesses benefit meaningfully from our natural resources,” he added.
In addition to economic reforms, the Finance Minister revealed that the government is stepping up anti-smuggling operations to curb the illegal and unaccounted export of precious minerals a longstanding issue that has drained the country of critical revenue.
The Goldbod initiative is part of Ghana’s broader plan to enhance value retention in the gold sector and promote responsible mineral trade practices.
