Ghana is taking steps to maximize its gold wealth by establishing the Ghana Gold Board (GOLDBOD), a new regulatory body designed to manage the country’s gold reserves, increase foreign exchange earnings, and stabilize the economy.
Announcing the initiative in his 2025 Budget Statement, Finance Minister Dr. Cassiel Ato Forson highlighted the critical role the GOLDBOD will play in Ghana’s economic recovery.
“Mr. Speaker, we are establishing the Ghana Gold Board (GOLDBOD). Its primary objective will be to support foreign exchange inflows and gold reserve accumulation for the benefit of our dear country.
To achieve this, the GOLDBOD shall regulate, oversee, monitor, and undertake the purchasing, assaying, refining, exporting, selling, and other related activities concerning the gold resources of Ghana.”
This move, according to the minister, is expected to bring much-needed structure to Ghana’s gold industry. The board will be responsible for buying, refining, and exporting gold to ensure the country benefits fully from its mineral wealth.
It will also work to eliminate illegal gold trade and smuggling, ensuring that Ghana gets its fair share of revenue from the sector. Additionally, GOLDBOD will create a more transparent market for small-scale miners, guaranteeing them fair prices for their gold.
Gold mining has long been a cornerstone of Ghana’s economy, with the sector experiencing substantial growth in recent years. In 2024, gold production increased from 126,000 kilograms in 2023 to 130,000 kilograms, reflecting steady growth in the industry.
This rise in production contributed to a significant surge in export revenue, with gold exports reaching $11.6 billion in 2024, a 52.6% increase from the previous year. Gold now accounts for 57% of Ghana’s total export revenue, reinforcing its importance to the nation’s economy.
Additionally, in 2023, data reveals that gold exports contributed over GH₵84.1 billion, making up more than two-fifths of all exports, further underscoring the sector’s dominant role in Ghana’s trade and economic stability.
This initiative as announced by the minister is expected to boost Ghana’s foreign exchange reserves, reduce pressure on the cedi, and lessen the country’s reliance on foreign loans.
Dr. Forson assured that the government would soon present a legal framework to Parliament to formalize GOLDBOD’s operations.
