The Minister for Finance, Dr Cassiel Ato Forson, has inaugurated the Governing Board of the Ghana Gold Board (GoldBod), describing it as a pivotal milestone in President John Dramani Mahama’s efforts to revitalise Ghana’s economy through strategic gold management.
At the ceremony, Dr Forson, congratulated the newly appointed Board members on behalf of President Mahama and commended them on their selection to steer what he termed a “flagship initiative for economic revitalisation”.
He recounted the journey leading to the establishment of GoldBod, which began with the inauguration of a Technical Committee on January 27, 2025.
The Committee was tasked with developing the legal and operational framework, culminating in the drafting and eventual passage of the GoldBod Bill by Parliament, which was subsequently assented to by the President.
“I must commend the members of the erstwhile Technical Committee and all who contributed to the swift development of the GoldBod Act, which is both fit for purpose and resilient,” the Minister said.
Dr Forson, explained that the Ghana Gold Board has been established as a specialised agency to oversee the structured purchase and management of the country’s gold resources a critical step towards achieving currency stability and maximising the economic value of Ghana’s gold.
Despite Ghana being Africa’s leading gold producer, the Minister lamented that the country’s earnings from the sector have traditionally been limited to royalties and taxes, often accompanied by environmental degradation.
“The time has come for Ghana to go beyond these conventional benefits and harness the full value chain from extraction to refining, value addition, and marketing,” he stated.
He noted that Goldbod, is now the sole buyer and assayer of gold from the small-scale mining sector, with exclusive licensing authority.
This move, he explained, replaces the previously fragmented and unregulated system that had allowed multiple entities including the Precious Minerals Marketing Company (PMMC), the Bank of Ghana, the Minerals Income Investment Fund (MIIF), and various private actors, to engage in gold trading.
The uncoordinated approach, he said, had led to widespread gold smuggling and foreign exchange losses.
“The chaos that plagued Ghana’s gold purchasing space is now a thing of the past,” Dr Forson declared. “The Ghana Gold Board now holds the exclusive mandate to regulate the trade in gold from the small-scale mining sector.”
According to the Finance Minister, the operations of GoldBod have already begun yielding positive results, with significant contributions to the recent appreciation of the Ghana cedi. As of 13 May 2025, the cedi had appreciated by 16.7% against the US dollar an impressive turnaround from a 13.4% depreciation recorded during the same period in 2024. The cedi has since been recognised as the world’s best-performing currency in April 2025.
Dr Forson, attributed this economic performance to a robust policy environment, combining tight monetary measures by the Bank of Ghana with disciplined fiscal management by the Ministry of Finance. He highlighted increased foreign exchange inflows from gold, cocoa, and remittances, along with a weakening US dollar, as major contributing factors.
“Unlike in the past, the cedi’s exceptional performance has not compromised our foreign exchange reserves,” he stressed. “In fact, reserves at the Bank of Ghana reached a record high in April 2025, exceeding targets set under the IMF-supported programme.”
The Finance Minister, asserted that the transformative role of GoldBod would continue to shape the country’s currency and foreign exchange outlook, challenging outdated economic models and projections.
He urged the newly constituted Board to work diligently to consolidate these gains. “Together, let us support President Mahama’s ongoing economic reset and deliver shared prosperity for all Ghanaians,” he said.
Members of the Governing Board of the Ghana Gold Board (GoldBod) areKojo Fynn – Chairperson, Samuel Gyamfi, Ag. CEO of the Gold Board / Member, Emmanuel Armah Kofi Buah – MP, Minister for Lands and Natural Resources / Member, Thomas Nyarko Ampem – MP, Deputy Minister for Finance / Member, Dr Johnson Asiama – Governor, Bank of Ghana / Member and Nelson Ahedor – Representative, Minerals Commission / Member.
The remaining members are Christopher Opoku Nyarko – Representative, Ghana Chamber of Mines; Godwin Nichelson Armah – Representative, Ghana Small Scale Miners Association; Kwaku Effah Asuahene – Representative, Chamber of Bullion Traders; Shaibu Mahama – MP for Daboya/Mankarigu, President’s Nominee; Dr Abdul Baasit Aziz-Bamba – Senior Lecturer, University of Ghana School of Law, President’s Nominee; Marrietta Brew Appiah-Oppong – Legal Counsel to the President, President’s Nominee; and Nana Ama Amissah III – Paramount Queen Mother, Mankessim Traditional Area, President’s Nominee.