Prez. Mahama Credits GoldBod for Ghana’s Record USD$13.8 billion Foreign Reserves
President of the Republic of Ghana, H.E. John Dramani Mahama, has credited the Ghana Gold Board (GoldBod) as a key driver behind Ghana’s significant improvement in international reserves, which now stand at $13.8 billion, covering 5.7 months of import cover.
According to the President, the establishment of GoldBod has contributed to a surge in gold exports, with 103 tonnes of gold exported within 10 months, generating more than $10 billion in foreign exchange inflows.
He explained that the reform of the gold trading and export framework is aimed at strengthening Ghana’s economic stability, improving foreign exchange retention, and asserting greater national control over the country’s natural resources.
Addressing Parliament during his State of the Nation Address, President Mahama stated that the formalisation of gold exports has helped reduce smuggling while increasing officially recorded gold exports from the artisanal and small-scale mining (ASM) sector, which stood at 66.3 tonnes by the end of 2024.
“Mr. Speaker, our reserves currently stand at US$13.8 billion dollars from US$8.9 billion by the end of 2024. This covers 5.7 months of import cover. A key driver of this development has been the establishment of the Ghana Gold Board,” he explained.
The President stated that with global gold prices projected to remain strong over the next three years, Ghana must take advantage of the opportunity to build stronger reserve buffers that will contribute to currency stabilisation, lower inflation, boost investor confidence, and support household incomes.
“Mr. Speaker, when the cedi stabilises, imported inflation falls, businesses can plan better and household income will increase,” he stated.
“Mr. Speaker, as global uncertainties grow, it is necessary for us to reduce our country’s exposure to external shocks, break the cycle of economic downturn, and safeguard our macroeconomic stability,” he added.
President Mahama also endorsed the Finance Minister’s introduction of the Ghana Accelerated National Reserve Accumulation Policy (GANARAP), a framework aimed at leveraging Ghana’s gold resources to strengthen foreign exchange reserves and promote long-term economic stability.
The initiative is expected to further improve Ghana’s foreign exchange position, which has already recorded significant gains.
Finance Minister Dr. Cassiel Ato Forson described the policy as historic and a strategic shift toward a structured, gold-backed, and reform-driven reserve accumulation framework.
“Gold as a strategic anchor central to the policy is a deliberate gold-backed reserve accumulation strategy anchored on the Ghana Gold Board Act, 2025 (Act 1140), which mandates the Ghana Gold Board to generate foreign exchange and support gold reserve accumulation by the Bank of Ghana,” he explained.
To achieve the objectives of the policy, the Finance Minister revealed that government has set an operational weekly gold purchase target of approximately 3.02 tonnes, comprising at least 2.45 tonnes from the artisanal and small-scale mining (ASM) sector and a minimum of 0.57 tonnes from the large-scale mining sector.
The policy direction reinforces Ghana’s efforts to maximise value from its gold resources while strengthening economic resilience through improved reserve accumulation and responsible management of mineral wealth.
