Mahama’s GoldBod, The Real McCoy! … Ato Forson Says It Has Stopped Chaos In Gold Purchases … Robust And Sustainable Outlook For The Ghana Cedi Expected

Dr. Cassiel Ato Forson Swears in Board Members

Finance Minister Dr. Cassiel Ato Forson announced that Ghana has resolved confusion in the gold purchasing sector. He made this statement during the inauguration of the new Ghana Gold Board (GoldBod). This state entity aims to streamline gold trade in the country.

At the event, Dr. Forson said, “The chaos in Ghana’s gold purchasing sector is over.” He explained that multiple institutions previously operated without coordination. This lack of coordination diluted revenue potential and led to smuggling and foreign exchange losses.

Entities involved included the Precious Minerals Marketing Company (PMMC), Bank of Ghana, and Minerals Income Investment Fund (MIIF). Private aggregators and licensed exporters also participated in gold trading. “The PMMC was supposed to buy and sell gold, but it wasn’t exclusive,” Dr. Forson noted.

He added that the Bank of Ghana used PMMC for various programs like ‘Gold for Forex.’ Even MIIF ventured into gold buying, resulting in financial losses. The situation worsened with unregulated individuals holding gold buying licenses.

This fragmented system made it hard for the state to manage its gold resources effectively. “All of this is now history,” Dr. Forson emphasized. The GoldBod is now the sole buyer and assayer of gold from small-scale mining.

He praised the Board and technical committee for their efforts. The GoldBod is a “flagship initiative” aimed at stabilizing currency and revitalizing the economy through structured management.

Dr. Forson stated that GoldBod has significantly contributed to economic recovery. It has helped stabilize the Ghana cedi by accumulating gold reserves.

As of May 13, 2025, the cedi appreciated by 16.7% against the US dollar, making it a top-performing global currency this year. This contrasts sharply with a 13.4% depreciation during 2024.

“This rally comes from strong policies and favorable global conditions,” he said. Collaborative efforts between Bank of Ghana and Ministry of Finance have been crucial as well.

Increased inflows from gold, cocoa, and remittances have also helped due to a weakening US dollar globally. Notably, Ghana’s foreign exchange reserves reached record highs in April 2025.

“Our reserves surpassed IMF targets ahead of schedule,” Dr. Forson revealed. He stressed that this shows sustainability for cedi performance due to reforms initiated by GoldBod.

Dr. Forson believes GoldBod will reshape Ghana’s economic fundamentals significantly. This shift may challenge traditional models leading to inaccurate projections about currency potential.

He assured citizens of a robust outlook for the cedi's future stability while reaffirming government commitment to economic prosperity for all Ghanaians.
“Together, let us support President Mahama’s efforts to reset our economy,” he concluded.