By Magdalene Andoh
The Bank of Ghana’s announcement that it has injected US$10 billion in foreign exchange support into the economy since January 2025 marks a major step forward in Ghana’s economic recovery.
This critical intervention used to support Independent Power Producers, honour obligations to bondholders, facilitate dividend payments, and enhance debt management has played a key role in restoring macroeconomic stability, boosting investor confidence, and strengthening predictability within the financial system.
Behind this remarkable achievement stands one of Ghana’s youngest yet most influential institutions: the Ghana Gold Board (GoldBod).
Established to reform and formalise the small-scale gold mining sector, GoldBod was tasked with creating a transparent national gold purchasing framework, curbing value leakages, and channelling Ghana’s gold wealth toward national development goals.
A core part of this mandate is the supply of gold and generation of foreign exchange to bolster the Bank of Ghana’s reserves and support its market intervention efforts.
In just one year of operation, GoldBod has become a pivotal source of foreign exchange, significantly contributing to the reserves that empowered the central bank to provide this historic US$10 billion support.
Before GoldBod’s establishment, Ghana’s gold sector—especially the small-scale segment—was highly informal and fragmented. Large volumes of gold were lost through smuggling and unregulated transactions, depriving the nation of billions in potential foreign exchange earnings.
The absence of a structured mechanism for converting domestically mined gold into reserve assets frequently left the Bank of Ghana vulnerable during periods of currency pressure and global uncertainty.
GoldBod’s emergence has transformed this landscape.
Through its disciplined gold purchasing programme, transparent pricing model, and formal engagement with miners and aggregators, the Board has created a reliable, accountable flow of gold for national use. This gold is converted into the foreign exchange that has enhanced the central bank’s capacity to intervene, stabilise the cedi, and meet critical financial obligations.
GoldBod’s efforts have increased gold deliveries to the central bank, expanded regulated buying channels, and significantly reduced smuggling and illicit outflows.
By retaining more of Ghana’s gold value within the economy, the institution has strengthened the Bank of Ghana’s ability to respond proactively to demands from power producers, external creditors, and domestic markets.
Looking ahead, the Ghana Gold Board is committed to deepening its impact. It is expanding its operational footprint, strengthening partnerships across the mining value chain, and aligning its growth plans with the central bank’s medium-term reserve targets.
The aim is to guarantee a consistent flow of gold and foreign exchange that shields the cedi, reinforces macroeconomic stability, and enhances Ghana’s long-term financial resilience.
As the Bank of Ghana celebrates this milestone, GoldBod stands proudly as a strategic partner whose performance has become central to Ghana’s renewed economic confidence.
Together, the two institutions are demonstrating that with efficiency, transparency, and responsible resource management, Ghana can harness its natural wealth to secure the stability and prosperity its people deserve.
