GoldBod’s efficient operations main driver of foreign exchange conservation and gold-backed inflows- Ato Forson

Finance Minister, Dr. Cassiel Ato Forson, has attributed Ghana’s ability to conserve foreign exchange and attract significant gold-backed inflows to the efficient operations of the Ghana Gold Board (GoldBod).

According to him, the state-run agency tasked with regulating and promoting the country’s gold sector has been a game-changer in strengthening the cedi and supporting economic stability.

The cedi’s strong performance over the period has attracted significant attention, after it was rated the world’s best-performing currency in April, recording a 16.7 percent appreciation against the US dollar.

Ghana’s central bank has also rebuilt its foreign reserves to the equivalent of four and a half months of import cover after they were nearly depleted during the 2022 economic crisis. Governor Johnson Asiama told Reuters that GoldBod’s operations had helped plug foreign exchange leaks and support the rebuilding of the country’s reserves.

The increase in reserves has strengthened Ghana’s foreign exchange buffer, boosted investor confidence, enhanced fiscal credibility and encouraged capital inflows.

The Bank of Ghana’s gold reserves climbed to 37.06 tonnes by the end of September 2025, driven largely by GoldBod’s domestic gold procurement strategy.

In October 2025, finance ministers from five African countries also hailed Ghana’s pioneering GoldBod model as a potential benchmark for resource-led development across the continent.

The meeting, held on the sidelines of the 2025 IMF–World Bank Annual Meetings in Washington, highlighted Ghana’s approach to natural resource governance and the growing interest in its gold management model.

The high-level meeting 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.

Among the wide-ranging issues on Africa’s development agenda, natural resource management featured prominently, with Ghana’s GoldBod drawing particular praise and attention.

GoldBod, established in March 2025, has generated about US$8 billion by centralizing the purchase and export of gold and ensuring that foreign currency earnings return to Ghana.

The GoldBod model continues to attract interest from other African countries seeking to learn from Ghana’s experience in establishing and managing institutions responsible for regulating gold trading, certification and resource management.