Ghana’s Goldbod Generates $1.17 Billion in First Full Month, Bolstering Forex Reserves and Cedi Stability

Finance Minister Dr. Cassiel Ato Forson has revealed Ghana earned over $1.1 billion in foreign exchange during the inaugural full month of the Goldbod gold purchase program. The significant inflow resulted from purchasing and exporting more than 11 tonnes of gold, marking a key achievement in efforts to stabilize the cedi and increase local involvement in the gold sector.

Dr. Forson made the announcement while inaugurating the new Board of Directors for the Minerals Income Investment Fund (MIIF) in Accra. He tasked the board with sustaining Goldbod’s momentum to secure long-term benefits from Ghana’s mineral resources.

“This clearly shows the value of properly structuring and managing our mineral wealth,” the Minister declared. “MIIF must align with this new vision.” He directly challenged the board to restore the Fund to its original purpose of responsible and transparent mineral investment, referencing severe mismanagement from 2019-2024 that forced the government to cease financial backing.

Key Details:

  1. Record Revenue: Ghana earned $1.17 billion in foreign exchange during Goldbod’s inaugural full month of operations, driven by the purchase and export of over 11 tonnes of gold 2.
  2. Economic Impact: This milestone supports Ghana’s efforts to stabilize the cedi and enhance local participation in the gold trade. The initiative aims to maximize national benefits from mineral resources 210.
  3. Government Vision: Finance Minister Dr. Cassiel Ato Forson highlighted Goldbod’s role in structuring Ghana’s mineral wealth responsibly. The program aligns with President Mahama’s broader reforms to sanitize the gold sector, which have already generated $2.7 billion in gold export revenue (Jan-Apr 2025) 4.
  4. Sector Reforms: Goldbod combats smuggling by centralizing exports and enforcing licensing transitions. All non-Goldbod gold export licenses expired on May 22, 2025, reserving exclusive export rights for the Board 10.
  5. Future Goals: The government targets $12 billion annually from small-scale gold mining by doubling output, leveraging high global prices (~$3,300/oz) 10.

Why This Matters:
Goldbod marks a transformative shift in Ghana’s gold trade, replacing fragmented oversight with a unified system. By curbing illicit exports and capturing higher revenue, it strengthens fiscal resilience amid global economic uncertainty

Voice fm Ghana

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