Introduction
The formation of the Ghana Gold Board, aptly termed GoldBod, marks a pivotal moment in the nation’s economic history. Amidst challenges of gold smuggling and the need for sustainable foreign exchange inflows, GoldBod has emerged not just as an institution, but as a central mechanism for macroeconomic stabilization.
Recent appraisals, chiefly the technical report presented on January 4, 2026 by three prominent scholars from the University of Ghana, highlight the significant benefits GoldBod brings to Ghana’s economy. This opinion piece aims to commend GoldBod’s efforts, clarify its merits in the face of criticism, and rally public support for this essential institution.
Commendation for GoldBod
GoldBod’s effect on Ghana’s economy cannot be overstated. The critical findings of the recent report reveal a substantial increase in formal gold exports, rising from 63.6 tons in 2024 to 103.0 tons in 2025. This 39.4-ton increase is not merely a statistic but a transformative outcome of the formalization of gold trading, previously lost to smuggling. Valued conservatively, the additional foreign exchange inflow amounts to a staggering US$3.8 billion, a clear demonstration of GoldBod’s efficacy.
The exemplary leadership demonstrated by GoldBod should also be acknowledged. Within 10 months of its establishment, the organization has been instrumental in achieving record levels of artisanal and small-scale mining (ASM) gold exports. In 2025, GoldBod-enabled ASM gold exports reached US$10.8 billion. The financial prudence shown by preventing the losses associated with gold smuggling translates to significant savings in foreign borrowing costs. This is vital for a country that has often grappled with high external debt and its accompanying burdens.
Key figures within the New Patriotic Party (NPP), such as Paul Yandoh, Ashanti Regional Communications Officer, and Kwame Baffoe, Bono Regional NPP Chairman, have rightly supported GoldBod. Their endorsements emphasize the importance of such institutions in national development. In contrast, criticisms, particularly from individuals like Kojo Oppong Nkrumah, who was directly involved in formulating the legislation, seem misplaced and reveal a troubling disconnect from the positive outcomes of GoldBod.
Addressing Criticism: A Call for Informed Discussion
Kojo Oppong Nkrumah’s recent comments about GoldBod have raised eyebrows, prompting questions about his intentions. While rigorous scrutiny is part of any democratic process, it becomes necessary to challenge views that undermine significant progress. As a lawmaker who contributed to the establishment of GoldBod, his criticisms appear to contradict the spirit of the initiative and disregard the empirical evidence presented in the recent report.
What does Mr. Nkrumah aim to achieve with such statements? Is it political rivalry, a misunderstanding of the facts, or a lack of appreciation for the remarkable achievements of GoldBod? Those who aspire to influence public opinion must do so responsibly, armed with facts rather than conjecture.
The evidence presented in the technical report by these academics shows a benefit-cost ratio of around 18:1 when comparing the formalization benefits to the reported losses of the Bank of Ghana (BoG). This stark contrast underscores how GoldBod’s benefits significantly outweigh any criticisms stemming from a paper loss perspective. Thus, public figures should either align with verifiable data or contribute constructively to discourse around improvements.
A Rallying Cry for Public Support
At this stage, it is imperative to call upon the Ghanaian public to support GoldBod whole-heartedly. The institution is not merely a trading body; it has evolved into a critical key player for macroeconomic stabilization in Ghana. Instead of promoting an environment of misinformation, citizens should recognize GoldBod as a stabilizing force that mitigates reliance on costly external borrowing, bolsters foreign exchange reserves, and preserves the overall health of Ghana’s economy.
By supporting GoldBod, Ghanaians are endorsing a vision of economic growth founded on transparency and formalization. The framework of GoldBod fosters an environment in which small miners can thrive legitimately while boosting Ghana’s foreign exchange position, which is crucial for our ongoing development. In the face of global economic uncertainties, GoldBod stands as a testament to proactive governance aimed at harnessing national resources effectively.
GoldBod: A Long-term Economic Strategy
GoldBod’s mandate extends beyond mere economic recovery; it is a fundamental part of a long-term strategy to enhance governance, oversight, and credibility in Ghana’s gold trading sector. The government must prioritize policies that ensure price competitiveness to thwart the return of gold smuggling, improve transparency in the BoG’s reporting mechanisms, and responsibly manage any transition risks as GoldBod expands its role.
Involving stakeholders in a collaborative process to refine GoldBod’s strategies will ensure its continued success. It is crucial for the government and citizens to recognize that GoldBod is a mechanism of macroeconomic stabilization rather than a profit-driven venture.
Conclusion
In these times of economic uncertainty, we must safeguard the institutions that contribute positively to our country’s economic framework. GoldBod has demonstrated tremendous capacity for fostering growth, stabilizing the economy, and enhancing public revenues through the formalization of gold trading. The allies of GoldBod, such as Paul Yandoh and Kwame Baffoe, should be commended for their robust support, while those who criticize it, like Kojo Oppong Nkrumah, should be held accountable for their statements.
By rallying together, the Ghanaian public can protect this invaluable institution. It is a time for unity over division, for constructive dialogue rather than misinformation. Let us support GoldBod as an integral player in transforming Ghana’s economic prospects and securing a more stable financial future for all Ghanaians.
