Cedi stability boosted by GoldBod’s Gold reserves accumulation- Ato Forson

Dr Cassiel Ato Forson, the Finance Minister, has connected the recent strong performance of the cedi in global currency rankings to the effective strategies of the Ghana Gold Board (GoldBod).

During the official inauguration of GoldBod’s Governing Board, Dr Forson stated that the cedi’s appreciation—16.7% so far this year as of 13 May 2025— was deliberate but rather the result of “a robust and coordinated policy framework,”including the implementation of GoldBod.

He highlighted that “The GoldBod has already begun to fulfil its object and has contributed immensely to the recent stability of the Ghana Cedi through gold reserve accumulation. Dr Ato Forson also stated how the GoldBod’s establishment was a significant move driven by President John Dramani Mahama in support of a larger goal to reset Ghana’s economy.

He stated that “The Ghana GoldBod is a hallmark effort designed by His Excellency President Mahama for economic revitalisation.” In his view, for a considerable duration, the gold trade in Ghana was hindered by division, unregulated players, and smuggling. This, he explained, cost the country much-needed foreign exchange revenues.

Dr Ato Forson disclosed that “That chaos has come to an end. The GoldBod is now the sole buyer and assayer of gold, with exclusive authority to license gold trade from Ghana’s small-scale mining sector.”

The Finance Minister drew to attention that the structuring of the gold market through GoldBod has integrated to what was once a fragmented landscape involving the Bank of Ghana, PMMC, MIIF, and private institutions. Dr Forson emphasized that “This paradigm shift will challenge traditional models reliant on old patterns.” He added that gold is no longer just a mineral resource but a valuable resource.

He expressed that “As Africa’s leading gold producer, Ghana must now fully harness its gold potential to support economic transformation.” Looking ahead, Dr Forson reiterated government’s confidence in GoldBod’s potential to foster continuous growth and support a stable currency environment.

He urged the newly appointed Board to build on the progress and play their part in fostering economic growth. He said that “I urge the Board to work hard to support and sustain this trajectory.”

The Finance Minister wrapped up with assurance to Ghanaians that with the GoldBod in full operation, the expectations for the cedi and the wider economic landscape continues “robust, sustainable, and transformative.”

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