GoldBod formation positive for economic boost- Kyei-Mensah-Bonsu admits

Former Majority Leader Osei Kyei-Mensah-Bonsu has thrown his weight behind the establishment of the Ghana Gold Board (GoldBod), citing its potential to strengthen Ghana’s economy.

According to him, the state-run agency, which has the exclusive right to buy and sell artisanal and small-scale mining gold through licensed buyers, has played a significant role in the country’s recent positive economic indicators.

The former NPP Member of Parliament for Suame, speaking on the current state of the economy on Kumasi-based Lawson FM, hosted by Kwame Tanko, commended the government for recording improvements in key economic indicators.

“On the face of it, you’ll give pluses. Don’t forget, at a point in time, our inflation rose to 50 percent but started reducing from the 12th month and hovered around 21 percent. It has further reduced after NDC took over power to a single digit. To record a single-digit inflation, I think it is positive,” he noted.

He also pointed to improvements in the country’s interest and exchange rates as positive developments.

“The interest rate is in the region of 18/19 and it’s positive, even though it could have come down further once the exchange rate had reduced, but someone would say ‘quarter loaf is better than none,’” he explained.

On the exchange rate, he added: “We all know it climbed to 16 cedis or so but went down to about 14 cedis. When NDC came, it reduced drastically to 10.50.”

The Ghana Gold Board, since its establishment, has been credited by several economists and industry stakeholders with playing a significant role in supporting Ghana’s economic recovery.

As one of the country’s leading export commodities, gold mining generates substantial revenue and provides employment opportunities across the mining value chain.

The government has also introduced policies aimed at maximising the benefits of gold mining, including measures to strengthen local participation and improve revenue transparency.

Between January and October 15, 2025, GoldBod generated more than US$8 billion in foreign exchange from Ghana’s small-scale gold exports.

The significant revenue inflows are expected to strengthen Ghana’s foreign reserves and support the country’s broader economic recovery efforts.