Ghana has recorded a historic inflow of over $1.1 billion in foreign exchange just one month after the full rollout of the Goldbod initiative, a government-backed strategy aimed at revolutionizing the country’s gold trade and bolstering its economic stability.
This was disclosed by the Minister for Finance, Dr. Cassiel Ato Forson, in a statement outlining the success of the program and the government’s renewed commitment to resource governance.
According to him, the milestone demonstrates Ghana’s ability to not only mine gold but to directly benefit from its value through controlled and structured export systems.
The over 11 tonnes of gold traded under the Goldbod initiative have contributed significantly to Ghana’s foreign reserves.
“This is a major milestone in our efforts to strengthen the cedi, build reserves, and increase local participation in the gold trade,” Dr. Forson noted.
A Bold Step to Reform Ghana’s Mineral Wealth Management
The Goldbod initiative is part of broader fiscal and monetary reforms by the Mahama-led administration to reduce the economy’s reliance on external financing and protect the Ghana cedi from volatility.
It was launched with the goal of creating a transparent, state-involved gold purchasing and export system that channels revenues back into national reserves.
But Dr. Forson made clear that success must be institutionalized.
At the inauguration of the new Board of the Minerals Income Investment Fund (MIIF), he urged the leadership to build on this early momentum. MIIF, established to invest Ghana’s mineral wealth for long-term returns, had its credibility damaged between 2019 and 2024 due to governance lapses and mismanagement of resources.
“Until a clear turnaround is evident,” Dr. Forson revealed, “government has reduced financial flows to MIIF.”
The new board, chaired by financial analyst Richard Kwame Asante, is now tasked with reforming the fund and restoring its strategic role in the mining sector.
