The Ghanaian cedi recent appreciation has been attributed to a many economic factors.
However, one main factor, according to economists and financial analysts is the significant role the Ghana Gold Board ( Goldbod) has been playing in achieving high foreign exchange liquidity by accumulating gold reserves through the Bank of Ghana.
The reserves increase has strengthened the country’s foreign exchange buffer and boosted investor confidence, enhanced fiscal credibility and encouraged capital inflows.
Ghana’s central bank gold reserves climbed to 37.06 tonnes by the end of September 2025, driven largely by the new Ghana Gold Board (GoldBod) and its domestic procurement strategy.
This uptick, a 21.3% increase from 30.53 tonnes in January, signals a bold push to recast gold as more than a mining export: a strategic reserve buffer.
Before the recent spike, the Central Bank, in 2023 could only boast of an 8.78 tonnes of gold reserves which had a marginal effect of strengthening foreign reserves, enhance currency stability and build resilience against global financial shocks.
Sammy Gyamfi, CEO of Ghana Gold Board (GoldBod), believes the institution will significantly boost Ghana’s economy by
increasing foreign exchange inflows.
‘ GoldBod has substantially increased Ghana’s foreign exchange inflows and contributed to stabilizing the cedi, with over $6 billion in annual gold export revenues,” he stated
“We are dedicated to transforming Ghana’s gold trading industry to maximize national benefits through responsible sourcing, supply chain traceability, value addition, and sustainability,” declared CEO Sammy Gyamfi ESQ. in a recent statement.
The GoldBod model has garnered attention from other African countries, with Sierra Leone’s Finance Minister exploring its potential for sustainable gold sector reforms.
By harnessing the power of gold, GoldBod is poised to drive economic growth and stability in Ghana, serving as a beacon for other nations to follow.
To add to the several other endorsement, Finance ministers from five African countries has hailed the county’s pioneering GOLDBOD model as a benchmark for resource-led development across the continent.
The meeting, held on the sidelines of the 2025 IMF–World Bank Annual Meetings in Washington commended Ghana’s approach to natural resource governance.
The high-level meeting in brought together Finance Ministers from Ghana, Liberia, Sierra Leone, The Gambia, and Sudan for strategic discussions with the President of the African Development Bank (AfDB) Group, Dr. Sidi Ould Tah.
