The inauguration of the Ghana Gold Board (GoldBod) board of directors marks a significant step towards strengthening Ghana’s economic recovery and enhancing transparency within the gold trade. The 13-member board, chaired by Kojo Fynn, comprises key stakeholders from the public and private sectors, including representatives from the Ministry of Finance, Ministry of Lands and Natural Resources, Bank of Ghana, Minerals Commission, Ghana Chamber of Mines, small-scale miners, and gold service providers. This diverse composition aims to leverage expertise from various sectors, fostering a comprehensive approach to managing Ghana’s gold resources and maximizing their contribution to the national economy. The board’s mandate is to oversee GoldBod’s operations and guide its efforts in bolstering gold reserves, stabilizing the cedi, and promoting responsible gold trading practices.
Finance Minister Dr. Cassiel Ato Forson commended GoldBod, under the leadership of CEO Samuel Gyamfi, for its early successes in contributing to the cedi’s recent appreciation and the broader signs of economic recovery. He highlighted the agency’s pivotal role in accumulating gold reserves, which has directly impacted the cedi’s performance against major international currencies, particularly the US dollar. The Minister attributed the cedi’s resurgence to a combination of effective monetary and fiscal policies implemented by the government, along with favorable global economic conditions. GoldBod’s efforts are considered a key component of this comprehensive strategy to stabilize and strengthen the national currency.
The cedi’s remarkable recovery, marked by a 16.7% appreciation against the US dollar year-to-date as of May 13, 2025, represents a significant turnaround from the 13.4% depreciation witnessed during the same period in 2024. This positive trend underscores the effectiveness of the government’s economic policies and the crucial role played by GoldBod in bolstering the nation’s financial standing. The cedi’s emergence as the best-performing currency in April 2025 further solidifies its position as a stable and resilient currency, attracting investor confidence and contributing to overall economic growth.
Dr. Ato Forson expressed confidence in GoldBod’s continued contribution to Ghana’s economic recovery, emphasizing its crucial role in shaping future foreign exchange strategies. The board’s mandate to enhance transparency in the gold trade is expected to not only boost investor confidence but also ensure responsible and sustainable practices within the sector. This commitment to transparency aims to curb illicit activities, maximize revenue generation for the state, and promote ethical gold mining practices that benefit local communities and protect the environment.
The composition of the board reflects a strategic approach to integrating diverse perspectives and expertise in managing Ghana’s gold resources effectively. The inclusion of representatives from small-scale miners and gold service providers ensures that the interests of these crucial stakeholders are considered in policy formulation and implementation. This inclusive approach aims to foster collaboration and create a level playing field that benefits all participants in the gold trade, contributing to a more robust and sustainable sector.
The inauguration of the GoldBod board signals a renewed focus on leveraging Ghana’s gold reserves to achieve macroeconomic stability and drive economic growth. By prioritizing transparency, responsible mining practices, and strategic reserve management, the government aims to maximize the benefits derived from the gold sector and secure its long-term contribution to Ghana’s economic prosperity. The board’s diverse expertise and commitment to effective governance are expected to steer GoldBod towards achieving its mandate and play a pivotal role in shaping Ghana’s economic future.
