It’s Time to Build ‘An Economic War Chest’ With Our Gold – Prez. Mahama
President John Dramani Mahama has outlined plans to leverage Ghana’s strong gold prices to build what he described as an “economic war chest” to protect the country against future global shocks and strengthen long-term macroeconomic stability.
Delivering his State of the Nation Address in Parliament, President Mahama said sustained high gold prices over the next three years present Ghana with a strategic opportunity to reinforce its external buffers, stabilise the currency, and improve living standards without increasing public debt.
“It is forecast that gold prices will remain high over the next three years and so this presents us the unique opportunity to build an economic war chest to withstand any global shocks, secure our macroeconomic stability, improve the standard of living of our citizens and build lasting prosperity for future generations,” he said.
Central to this strategy is the Ghana Gold Board (GoldBod), which the President identified as the institutional driver behind the country’s recent gains in international reserves.
According to President Mahama, Ghana’s gross international reserves have risen to $13.8 billion, representing 5.7 months of import cover.
He attributed the improvement in part to GoldBod’s structured gold purchasing and export regime, which has strengthened foreign exchange inflows and improved the country’s reserve position.
Since its establishment, GoldBod has been mandated to oversee, regulate, and participate in gold buying and export activities, particularly within the artisanal and small-scale mining (ASM) sector.
The Board currently plans to purchase up to 127 tonnes of gold annually from licensed miners nationwide as part of efforts to formalise trade flows, improve traceability, and optimise foreign exchange retention.
The President noted that reforms in the gold export regime have contributed to a significant increase in recorded gold exports.
Over a 10-month period, Ghana exported 103 tonnes of gold, generating more than $10 billion in foreign exchange inflows.
Formalisation measures have also contributed to reducing smuggling and increasing officially recorded exports from the ASM sector, which stood at 66.3 tonnes by the end of 2024.
The policy direction is aimed at strengthening Ghana’s economic resilience while reinforcing national control over its mineral wealth.
Further reinforcing the strategy, Finance Minister Dr. Cassiel Ato Forson recently announced that GoldBod will spearhead the country’s first comprehensive national reserve accumulation framework, the Ghana Accelerated National Reserve Accumulation Policy (GANARAP).
The policy is designed to leverage gold resources to build stronger external reserves, enhance foreign exchange stability, and support sustainable macroeconomic management.
With global gold prices projected to remain elevated, the government sees gold not only as a commodity export but also as a strategic financial asset capable of supporting Ghana’s long-term economic security and national development goals.
