Full text: Finance Minister’s speech at inauguration of Goldbod’s Board of Directors

On Monday, May 19, Finance Minister Dr. Cassiel Ato Forson inaugurated the board of directors for the Ghana Gold Board (GoldBod). This marks a significant step in regulating Ghana’s gold sector.

This initiative is part of President John Dramani Mahama’s economic strategy. It aims to streamline gold trading and reduce illegal activities. The goal is to enhance foreign exchange inflows as well.

Dr. Forson noted that the current gold market is fragmented. Many individuals and entities operate without proper regulation, leading to smuggling and revenue loss.

The GoldBod will be the sole buyer, seller, assayer, and exporter of gold from licensed small-scale miners. This ensures traceability and compliance with international standards.

Establishing the GoldBod will help stabilize the Ghanaian cedi and boost foreign reserves. Dr. Forson emphasized that the board will oversee the entire gold value chain—from extraction to refining and marketing.

To support its operations, the government has allocated $279 million as a revolving fund. This fund will enable purchasing and exporting at least three tonnes of gold weekly from small-scale miners.

In his speech at the ceremony, Dr. Forson congratulated the board members on their appointments. He highlighted that this inauguration follows months of diligent work.

The journey began on January 27th, 2025, with a Technical Committee's formation. They developed a legal framework for establishing GoldBod, culminating in Parliament passing its Bill.

Dr. Forson commended everyone involved in creating the GoldBod Act efficiently and effectively. He reminded board members that this initiative aims for economic revitalization under President Mahama's vision.

Ghana is Africa’s leading gold producer but has not fully benefited from its resources. Historically, revenues have come mainly from royalties and taxes.

Now is the time for Ghana to harness all aspects of its gold value chain—from extraction to marketing both locally and internationally. The GoldBod will serve as an agency for effective marketing of these resources.

Dr. Forson announced that chaos in Ghana’s gold purchasing sector has ended. Previously, multiple entities were involved in buying and selling gold without exclusivity.

The Precious Minerals Marketing Company (PMMC) had shared this mandate with others like Bank of Ghana and private aggregators under various initiatives. This uncoordinated system led to widespread smuggling and lost foreign exchange for Ghana.

Now, GoldBod holds exclusive rights as the sole buyer and assayer of gold from small-scale mining sectors in Ghana.

Dr. Forson noted that GoldBod has already contributed significantly to stabilizing the cedi through accumulating gold reserves since its establishment.

As of May 13, 2025, the cedi appreciated by 16.7% against the US dollar year-to-date—an impressive turnaround from last year's depreciation rate of 13.4%.

This improvement reflects strong policy frameworks supported by synchronized monetary measures amid favorable global conditions.

The central bank collaborated closely with the Ministry of Finance on strict monetary policies while maintaining disciplined fiscal management practices.

Enhanced foreign exchange inflows from various sectors have also strengthened cedi performance amidst global uncertainties surrounding currencies like USD.

Despite these gains, safety nets remain intact; foreign exchange reserves reached record highs in April 2025—exceeding IMF targets ahead of schedule.

These developments indicate sustainable performance for both cedi stability and future growth potential driven by Goldbod activities.

Dr.Forson assured Ghanaians that prospects for their currency remain robust due to transformative efforts by Goldbod.

He urged board members to work diligently towards sustaining this positive trajectory.

Together they can support President Mahama's ongoing efforts toward economic prosperity for all Ghanaians.

He concluded his speech with gratitude: “Thank you! May God bless our homeland Ghana.”