Finance Minister Dr. Cassiel Ato Forson has inaugurated the Governing Board of the Ghana Gold Board (GoldBod), describing the entity as central to efforts to stabilize the national currency and maximize returns from the country’s gold sector.
The inauguration, held on Monday, follows the passage of the GoldBod Act by Parliament and its subsequent assent by the President. The initiative traces back to January 27, 2025, when a Technical Committee was formed to develop the legal and operational framework for the new agency.
In his address, Dr. Forson highlighted what he called a shift in Ghana’s gold resource management strategy. He stated that while Ghana remains Africa’s top gold producer, the country has historically derived limited benefits from the full value chain of the mineral. He expressed hopes that GoldBod would address this gap by overseeing activities from extraction to refining, value addition, and marketing.
According to the Finance Minister, GoldBod will function as a specialized agency with sole responsibility for buying and assaying gold, as well as licensing the trade of gold from the small-scale mining sector. He said the new model replaces what he described as a fragmented and weakly regulated system previously involving multiple actors such as the Precious Minerals Marketing Company (PMMC), the Bank of Ghana, and private aggregators.
Dr. Forson also pointed to early signs of positive economic impact, noting that the Ghana cedi had appreciated by 16.7% against the US dollar as of mid-May 2025, compared to a 13.4% depreciation during the same period in 2024. He attributed the currency’s performance to a combination of policy measures and increased foreign exchange inflows from gold, cocoa, and remittances. In April 2025, the cedi was ranked the best-performing currency globally.
The Finance Minister indicated that the Bank of Ghana’s foreign exchange reserves had reached record levels, surpassing targets set under the IMF-supported economic programme. He described the current momentum as sustainable and called on the newly constituted GoldBod Board to help maintain progress.
“The activities of GoldBod will redefine the behaviour of the Ghana cedi and the country’s foreign exchange accumulation going forward,” he said.
Dr. Forson concluded by urging collaboration from all stakeholders to support the government’s broader economic goals.
The newly constituted board members include Kojo Fynn as Chairperson, Samuel Gyamfi as Acting CEO, Emmanuel Armah Kofi Buah (Minister for Lands and Natural Resources), Thomas Nyarko Ampem (Deputy Finance Minister), Dr. Johnson Asiama (Governor of the Bank of Ghana), Nelson Ahedor from the Minerals Commission, and Christopher Opoku Nyarko from the Ghana Chamber of Mines.
The remaining members are representatives from small-scale miners and gold service providers.
