Finance Minister, Dr. Cassiel Ato Forson, has inaugurated a 13-member Board of Directors for the newly constituted Ghana Gold Board (GoldBoD), positioning the institution as a critical pillar in the country’s strategy to anchor currency stability and build macroeconomic resilience.
Dr. Forson underscored the strategic importance of the GoldBoD in Ghana’s broader economic framework, citing the cedi’s dramatic turnaround as evidence of the country’s growing financial strength.
“As of May 13, 2025, the Ghana cedi has solidified its position as the standout performer among global currencies, achieving a remarkable 16.7% appreciation against the US dollar year-to-date,” he said. “This marks a significant reversal from the 13.4% depreciation observed in the same period of 2024, with the cedi earning recognition as the top-performing currency in April 2025.”
According to the minister, the cedi’s rally reflects effective coordination between fiscal and monetary authorities, sustained inflows from gold and cocoa exports, and disciplined management of public finances. He also pointed to record foreign exchange reserves held by the Bank of Ghana, which he says now surpass the IMF programme’s targets ahead of schedule.
The Ghana Gold Board, established under new legislation, is tasked with overseeing the formalization, regulation, and optimization of Ghana’s gold production and trade, particularly within the artisanal and small-scale mining sector. It is also expected to support the government’s gold-for-oil programme and its efforts to accumulate gold reserves to backstop the national currency.
The establishment of the Gold Board is not just about regulating a commodity, it is about re-engineering Ghana’s approach to economic resilience, reducing Ghana’s Reliance on foreign currencies, and reinforcing the foundations of its financial architecture.
The newly inaugurated board draws on a cross-section of leadership from public institutions, the mining industry, academia, and traditional authorities. It will be chaired by Mr. Kojo Fynn, who pledged a governance-led approach to fulfilling the Board’s statutory mandate.
The Board’s members include key figures such as the Governor of the Bank of Ghana, Dr. Johnson Asiama, Minister of Lands and Natural Resources, Emmanuel Armah Kofi Buah, Minister, and Acting CEO of the institution, Mr. Samuel Gyamfi. Others include;
1. Thomas Nyarko Ampem – Deputy Minister for Finance
2. Mr. Nelson Ahedor – Representative, Minerals Commission
3. Mr. Christopher Opoku Nyarko – Representative, Ghana Chamber of Mines
4. Mr. Godwin Nichelson Armah – Representative, Ghana Small Scale Miners Association
5. Mr. Kwaku Effah Asuahene – Representative, Chamber of Bullion Traders
6. Shaibu Mahama – MP for Daboya/Mankarigu, President’s Nominee
7. Dr. Abdul Baasit Aziz-Bamba – Senior Lecturer, University of Ghana School of Law, President’s Nominee
8. Ms. Marrietta Brew Appiah-Oppong – Legal Counsel to the President, President’s Nominee
9. Nana Ama Amissah III – Paramount Queen Mother, Mankessim Traditional Area, President’s Nominee
Ghana’s increasing reliance on gold-backed economic mechanisms, at a time when many emerging economies face currency headwinds, underscores a shift toward domestic resource-driven policy innovation. The launch of GoldBoD marks a significant milestone in that trajectory, with the board expected to provide institutional clarity, accountability, and efficiency in the country’s gold trade.
