Finance Minister Dr. Cassiel Ato Forson has announced that the establishment of the Ghana Gold Board (GoldBod) has generated an additional $15 billion in foreign exchange inflows, describing the initiative as a major pillar of the government’s strategy to stabilize the economy, strengthen the cedi and build the country’s external reserves.
Presenting the 2026 Mid-Year Budget Review in Parliament on Thursday, Dr. Forson said the GoldBod policy had transformed Ghana’s gold sector by curbing smuggling, formalizing gold trading and ensuring that a greater share of the country’s mineral wealth benefits the national economy.
He explained that the initiative formed part of broader fiscal reforms aimed at supporting inflation targeting, maintaining exchange rate stability and strengthening Ghana’s foreign exchange reserves.
“Through this intervention, Ghana generated an additional $15 billion in foreign exchange inflows from gold, significantly strengthening reserve accumulation and supporting exchange rate stability,” the Finance Minister told Parliament.
Dr. Forson said the policy had also delivered a remarkable improvement in Ghana’s external sector performance, with the country’s current account surplus rising sharply from 1.9 per cent 2024 to 8.3 per cent in 2025.According to him, the improvement represented a 6.4 percentage-point increase and a fourfold expansion in the country’s current account surplus within a single year.
“This single policy measure improved Ghana’s current account balance by 6.4 percentage points. It represents a fourfold increase in the current account surplus in just one calendar year,” he stated.
The Finance Minister emphasised that GoldBod should not be viewed merely as a reform within the mining industry but as a comprehensive macroeconomic stabilisation measure designed to strengthen the local currency, build foreign reserves and restore investor confidence in the Ghanaian economy.
To consolidate the gains made, Dr. Forson announced that the government had introduced the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), which aims to increase the country’s international reserves to cover the equivalent of 15 months of imports by the end of 2028.
He also disclosed that the government had reached an agreement with large-scale mining companies to purchase 30 per cent of their annual gold production for refining by local refineries. The arrangement, he said, is expected to promote domestic value addition, strengthen Ghana’s gold refining industry and further enhance reserve accumulation.
In addition, Dr. Forson revealed that the government had amended the Bank of Ghana to make inflation targeting a shared responsibility between the Ministry of Finance and the Bank of Ghana.
He said the amendment would improve coordination between fiscal and monetary authorities, enabling both institutions to work more closely in maintaining price stability and safeguarding the country’s macroeconomic outlook.
The Finance Minister maintained that the combined measures underscore the government’s commitment to sustaining economic recovery, strengthening Ghana’s external position and laying a firmer foundation for long-term macroeconomic stability.
Philbert Amiba Ayuusah