Ghana Generates Over $1.1 Billion from Gold Export Under Goldbod Initiative in One Month
- Ghana has earned over $1.1 billion from exporting more than 11 tonnes of gold within a month since the Goldbod initiative started full operations
- Finance Minister Dr Cassiel Ato Baah Forson urged the new MIIF board to improve governance and focus on strategic investments in the mining sector
- The government is intensifying anti-smuggling efforts to maximise benefits from Ghana’s mineral wealth and strengthen the cedi
Ghana has generated over $1.1 billion in foreign exchange from the purchase and export of more than 11 tonnes of gold in just one month since the Goldbod initiative began full operations.
This is according to Finance Minister Dr Cassiel Ato Baah Forson, who is also the Member of Parliament for Ajumako Enyan Esiam.
Source: Facebook
According to him, this significant milestone marks a major step towards strengthening the cedi, building reserves, and increasing local participation in the gold trade.
Dr Forson announced this achievement during the inauguration of the new Board of the Minerals Income Investment Fund (MIIF).
The newly inaugurated MIIF board is chaired by Richard Kwame Asante, while Justina Amiorkor Nelson, Berl Yaa Asantewaa Asante, Mawusi Ama Mawuenyefia, Yakubu Mohammed, Alfred Okoe Vanderpuije, Robert Wisdom Cudjoe, Edward Appenteng Gyamerah, and Dr Zakaria Mumuni will serve as members.
Dr Forson's task for the new MIIF leadership
While urging the incoming leadership to sustain the momentum, he said MIIF's mandate is to strategically invest Ghana's mineral wealth for the benefit of the nation.
The Finance Minister expressed concerns about MIIF's past performance, citing poor governance and resource mismanagement between 2019 and 2024.
To ensure a turnaround, he said the government has reduced financial flows to MIIF until the new board, led by Mr Richard Kwame Asante, demonstrates discipline and focus.
Dr Forson further emphasised the need for MIIF to pursue significant equity in mining ventures, ensuring that Ghanaian businesses benefit meaningfully from the country's natural resources.
"Until a clear turnaround is evident, government has reduced financial flows to MIIF. However, if the new board—under the leadership of Mr Richard Kwame Asante—restores discipline and focus, we will re-engage fully," the Finance Minister wrote on his Facebook page.
"Ghana must not only mine gold—we must own a stake in it. MIIF must pursue significant equity in mining ventures and ensure Ghanaian businesses benefit meaningfully from our natural resources. We are also stepping up anti-smuggling operations to curb the unaccounted export of precious minerals," he added.
Additionally, the government has pledged to intensify anti-smuggling operations to curb the unaccounted export of precious minerals, further solidifying its commitment to maximising the benefits from Ghana's mineral wealth.
Read the Facebook post below:
The role of Goldbod
The Ghana Gold Board (Goldbod) was formed out of the Precious Minerals Marketing Company (PMMC) by an Act of Parliament (Act 1140) in 2025.
This was in fulfilment of a campaign promise by President John Dramani Mahama.
According to the law establishing it, the Goldbod has the sole authority with the exclusive right to buy, sell, weigh, grade, assay, value, and export gold and other precious minerals in Ghana.
The Goldbod, led by the Acting Chief Executive Officer, Lawyer Sammy Gyamfi, functions under the oversight and supervision of the Ministry of Finance of the Republic of Ghana.
Source: Facebook
Ato Forson hails robust performance of cedi
Meanwhile, YEN.com.gh reported that Dr Cassiel Ato Forson touted the strong performance of the Cedi in 2025.
The cedi had appreciated by 16.7% against the US dollar year-to-date, reversing a 13.4% depreciation.
The minister said Ghana’s foreign exchange inflows from gold, cocoa, and remittances had helped the cedi strengthen.
Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.
Source: YEN.com.gh
