GoldBod generated additional $15 billion in foreign exchange inflows — Ato Forson

Finance Minister Dr Cassiel Ato Forson has announced that the establishment of the Ghana Gold Board (GoldBod) has generated an additional US$15 billion in foreign exchange inflows, significantly boosting Ghana's external reserves and supporting exchange rate stability.

Presenting the 2026 Mid-Year Budget Review in Parliament on Thursday, July 23, Dr Forson said the GoldBod initiative has played a key role in reducing gold smuggling, formalising the gold trade and ensuring that more of Ghana's mineral wealth benefits the national economy.

He explained that the policy forms part of a broader package of fiscal reforms designed to support inflation targeting, stabilise the cedi and strengthen the country's external 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," he told Parliament.

According to the Finance Minister, the policy has also contributed to a substantial improvement in Ghana's external sector, with the country's current account surplus increasing from 1.9 per cent in 2024 to 8.3 per cent in 2025.

"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 said.

Dr Forson described GoldBod as more than a reform of the gold sector, saying it has become a major macroeconomic stabilisation tool aimed at strengthening the cedi, building foreign exchange reserves and restoring investor confidence.

To consolidate the gains, he announced that the Government has introduced the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), which targets increasing the country's international reserves to the equivalent of 15 months of import cover by the end of 2028.

The Finance Minister further revealed that the Government has reached an agreement with large-scale mining companies to sell 30 per cent of their annual gold production for refining by local refineries. He said the arrangement is expected to promote domestic value addition while further boosting Ghana's reserve accumulation efforts.

Dr Forson also disclosed that the Government has amended the Bank of Ghana Act to make inflation targeting a shared responsibility between the Ministry of Finance and the Bank of Ghana.

According to him, the amendment is intended to strengthen coordination between fiscal and monetary policies and reinforce the country's macroeconomic stability.