AU Commissioner Commends GoldBod for Boosting Ghana’s Foreign Exchange Position
The African Union Commissioner
for Economic Development, Trade, Tourism and Minerals, H.E. Francisca Tatchouop
Belobe, has commended the Ghana Gold Board (GoldBod) for its contribution to
foreign exchange generation, strengthening Ghana’s international reserves and
supporting the stability of the cedi.
The commendation was delivered at
the Mining in Motion event at the Destiny Arena, where discussions
focused on the role of the mining sector in driving economic growth, improving
resource governance and delivering greater benefits to African economies.
Commissioner Belobe highlighted
the importance of effective management of mineral resources in promoting
macroeconomic stability and advancing sustainable economic development. Her
remarks recognised the strategic importance of Ghana’s gold sector and the role
of institutions such as GoldBod in ensuring that the country derives greater
economic value from its mineral wealth.
GoldBod plays a central role in
regulating Ghana’s gold trading industry, particularly the artisanal and
small-scale mining (ASM) gold sector. Through the formalisation and regulation
of small-scale gold transactions and exports, the Board seeks to strengthen
oversight of the gold supply chain and increase the contribution of gold to
national development.
The Commissioner’s recognition
also draws attention to the relationship between gold exports, foreign exchange
availability and the country’s external reserves. Foreign exchange generated
through gold transactions provides an important source of currency inflows,
while gold acquisition can support efforts to build national reserves.
Established under the Ghana Gold
Board Act, 2025 (Act 1140), GoldBod is mandated to regulate and develop Ghana’s
gold trading industry and help generate foreign exchange for the country.
The commendation at the Mining in
Motion event places Ghana’s experience within broader discussions on how
African countries can improve mineral resource governance, retain greater value
from natural resources and translate mineral wealth into economic stability and
development.
