Goldbod rakes in $1.17bn after first full month - Finance Minister

Finance Minister Dr. Cassiel Ato Forson announced that Ghana earned over $1.1 billion in foreign exchange. This was during the first full month of the Goldbod gold purchase programme.

The inflow came from purchasing and exporting more than 11 tonnes of gold. This achievement is a significant step towards stabilizing the cedi and boosting local participation in gold trade.

Dr. Forson made this announcement at the inauguration of the new Board of Directors for the Minerals Income Investment Fund (MIIF) in Accra. He urged the board to build on Goldbod's successes and create long-term value from Ghana’s mineral resources.

“This shows what can be achieved when we manage our mineral wealth well,” he said. The Minister emphasized that MIIF must align with this vision.

He challenged the new board to focus on responsible and transparent mineral investment. Between 2019 and 2024, MIIF faced severe mismanagement, leading to government withdrawal of support.

“We saw significant abuse of public resources,” Dr. Forson stated. He insisted that this must not happen again. If the board restores discipline, the government may reconsider its position.

Dr. Forson highlighted MIIF’s role in increasing Ghana’s equity in mining operations. He also stressed promoting local content throughout the value chain.

He revealed plans to work with MIIF and Goldbod to expand their gold purchase initiative further. This will help strengthen Ghana’s gold reserves.

As part of broader reforms, Dr. Forson announced a crackdown on mineral smuggling. He pledged increased oversight to ensure no precious minerals leave without proper processes benefiting the state.

The newly inaugurated MIIF board is chaired by Richard Kwame Asante. Other members include Ms. Justina Amiorkor Nelson, Berl Yaa Asantewaa Asante, Mawusi Ama Mawuenyefia, Yakubu Mohammed, Alfred Okoe Vanderpuije, Mr. Robert Wisdom Cudjoe, Mr. Edward Appenteng Gyamerah, and Dr. Zakaria Mumuni.

Mr. Asante spoke on behalf of the board and pledged their commitment to rebuilding public confidence in MIIF while aligning operations with Ghana’s national development priorities.