Finance Minister, Dr. Cassiel Ato Forson, has given an assurance to the Ghanaian public and economic stakeholders that the Cedi’s new strength and appreciation against the US dollar and other global trading currencies is sustainable and has been achieved mainly through the transformative activities of the Ghana Gold Board (GoldBod).
Dr. Ato Forson added that as at Tuesday May 13, 2025, the Ghana Cedi had appreciated by 16.7 percent against the US dollar, making it the world’s best performing currency so far this year.
This, he said, 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
The Finance Minister explained that the ongoing Cedi appreciation was achieved by a combination of factors including the strong coordination between monetary and fiscal policy, improved inflows from gold, cocoa and remittances, firm discipline in managing the public purse and very significantly, the novel GoldBod initiative.
“The Ghana GoldBod will be key to sustaining this progress and ensuring the sector contributes even more meaningfully to our economic transformation”, the Finance Minister noted.
He was speaking on Monday at the inaugurating the newly constituted 13-member Board of Directors of the Ghana GoldBod.
The GoldBod, a flagship initiative of President John Mahama for economic revitalization, is the sole authority with exclusive right to buy, sell, weigh, grade, assay, value and export gold and other precious minerals in Ghana.
Dr. Ato Forson explained that before the establishment of the GoldBod, the management pf gold purchases and export market was being operated under a fragmented, uncoordinated and poorly regulated system which led to widespread gold smuggling and deprived the State of much-needed foreign exchange.
The Minister said that organized chaos which hitherto pertained in Ghana’s gold purchasing sector prevented the country from fully benefiting from its gold resources but that situation has come to an end with the coming in of the GoldBod.
He explained further: “The GoldBod is a vehicle for achieving currency stability through the structured purchasing and management of Ghana’s gold resources. As Africa’s leading gold producer, Ghana derives substantial foreign exchange earnings from gold. However, the benefits accrued from this valuable mineral remain minimal, often coming at a steep environmental cost.
“Historically, Ghana’s revenues from gold have been confined to traditional sources such as royalties and taxes. The Ghanaian economy has not realized the full benefit of our gold resources. Hence, the time has come for Ghana to expand beyond royalties and taxes by harnessing the entire value chain of gold.
“To achieve this, we must optimise every stage of the value chain—from extraction to refining, value addition and marketing, both locally and internationally. The Ghana Gold Board is here to serve as that specialised agency for effective marketing of our gold resources,” Dr. Ato Forson added.
Dr. Ato Forson, on behalf of the President, congratulated the members of the GoldBod Board and charged them to deliver on their critical mandate to help strengthen Ghana’s gold trade, improve transparency, and support our broader economic recovery efforts.
The Board Members include Mr. Kojo Fynn as Chairperson, Samuel Gyamfi – Ag. Chief Executive of the Gold Board as a member, Emmanuel Armah Kofi Buah – Minister for Lands and Natural Resources as a member and Hon. Thomas Nyarko Ampem – Deputy Minister for Finance as a member
The rest are Dr. Johnson Asiama – Governor, Bank of Ghana, Mr. Nelson Ahedor – Representative, Minerals Commission, Mr. Christopher Opoku Nyarko – Representative, Ghana Chamber of Mines, Mr. Godwin Nichelson Armah – Representative, Ghana Small Scale Miners Association, Mr. Kwaku Effah Asuahene – Representative, Chamber of Bullion Traders , Hon. Shaibu Mahama –President’s Nominee, Dr. Abdul Baasit Aziz-Bamba –President’s Nominee, Ms. Marrietta Brew Appiah-Oppong –President’s Nominee and Nana Ama Amissah III – Paramount Queen Mother, Mankessim Traditional Area, President’s Nominee.
