GoldBod has contributed immensely to recent currency stability – Ato Forson

Ghana’s Finance Minister, Dr. Cassiel Ato Forson, spoke about the cedi's strong performance. He linked this success to the new Ghana Gold Board (GoldBod).

At GoldBod’s Governing Board inauguration, he noted the cedi appreciated by 16.7% year-to-date as of May 13, 2025. This improvement is due to a “robust and coordinated policy framework,” including GoldBod's operations.

Dr. Forson said GoldBod has already helped stabilize the cedi through gold reserves. He emphasized that its establishment was a key initiative by President John Dramani Mahama to improve Ghana’s economy.

He explained that the gold trade in Ghana faced issues like fragmentation and smuggling. These problems limited foreign exchange inflows for the country.

“The chaos has ended,” Dr. Forson declared. GoldBod is now the sole buyer and assayer of gold in Ghana's small-scale mining sector.

He mentioned that formalizing the gold market has improved coherence among various entities like the Bank of Ghana and PMMC.

“This shift will challenge old models,” he said, leading to better forecasts and stronger foreign exchange buffers. He stressed that gold is now a strategic asset, not just a mineral resource.

As Africa’s leading gold producer, Ghana must leverage its gold potential for economic growth, he asserted.

Looking forward, Dr. Forson expressed confidence in GoldBod driving sustainable growth and currency stability. He urged the new Board members to maintain momentum for economic prosperity.

“I encourage you to work hard for this trajectory,” he stated.

“Together, let us support President Mahama’s efforts to reset Ghana’s economy.”

In conclusion, Dr. Forson assured Ghanaians that with GoldBod operational, the outlook for the cedi and economy is “robust, sustainable, and transformative.”