Ghana must trust its gold to break cycle of IMF bailouts – GoldBod's Prince Minkah

Prince Kwame Minkah, Media Relations Officer at the Ghana Gold Board

Ghana must strengthen its capacity to generate foreign exchange from its natural resources rather than continue relying on external financial assistance whenever the economy comes under pressure, Prince Kwame Minkah, Media Relations Officer at the Ghana Gold Board (GoldBod), has said.

He believes the country's gold resources, if properly managed and strategically channelled into the economy, could play a significant role in strengthening the cedi, building national reserves and reducing dependence on repeated International Monetary Fund (IMF) interventions.

In an article titled “Ghana Must Learn to Trust Its Gold: GoldBod's Latest FX Performance and the Road to Economic Sovereignty,” Mr Minkah described the Board's latest foreign exchange performance as an important development in Ghana's efforts to achieve greater economic independence.

GoldBod announced on November 2, 2026, that it generated US$1.011 billion from its artisanal and small-scale mining (ASM) gold trading operations in October, with the entire amount sold to authorised commercial banks through its GoFX platform.

The Board also projected to generate US$1.2 billion in November, with US$800 million expected to be made available to commercial banks.

Mr Minkah said the figures demonstrated the potential of Ghana's gold resources to contribute directly to foreign exchange availability and support stability in the local currency market.

He argued that the country's recurring currency challenges were not simply a result of inadequate natural resources but also reflected weaknesses in how the nation organised, managed and converted its resource wealth into economic strength.

According to him, Ghana must move away from a situation where economic difficulties routinely lead to negotiations for external bailouts and instead establish stronger domestic mechanisms for generating foreign exchange.

He noted that the availability of dollars generated from gold exports could support importers who require foreign currency to purchase medicines, machinery, industrial materials and other essential goods.

However, he cautioned against attributing the potential appreciation of the cedi solely to GoldBod's interventions, stressing that exchange rate stability also depends on fiscal discipline, import demand, debt management, productivity and investor confidence.

Calls for stronger public confidence in GoldBod

The GoldBod officer further urged Ghanaians to support the institution while demanding transparency and accountability in its operations.

He said the Board's use of the GoFX platform to sell foreign exchange through authorised commercial banks represented an important step towards establishing an organised system of foreign exchange intermediation.

He, however, stressed the need for regular disclosures, transparent pricing, strong internal controls, independent audits and responsible management of public resources to sustain confidence in the institution.

Mr Minkah also cautioned against allowing partisan considerations to undermine national economic initiatives, arguing that GoldBod's success or failure would have implications beyond the political administration that established it.

"It is perfectly legitimate to question public institutions, demand accountability and scrutinise their operations. Indeed, that is how strong institutions are built," he stated.

"But there is a difference between legitimate scrutiny and an entrenched disposition to discredit an institution simply because of the political circumstances surrounding its establishment."

He maintained that the appropriate approach should be to strengthen GoldBod's operational capacity, improve its governance and ensure that it receives the institutional support needed to fulfil its mandate.

Ghana must move beyond IMF dependence
On Ghana's relationship with the IMF, Mr Minkah said the country needed to develop an economic management system that would make repeated bailout programmes unnecessary.

He clarified that his position was not an argument against the IMF or international financial cooperation but a call for stronger domestic economic resilience.

He said sustained foreign exchange generation, effective reserve accumulation, responsible public expenditure and increased productive capacity would help Ghana withstand external financial shocks.

He also called for GoldBod's interventions to be complemented by industrialisation, increased local production, value addition and efforts to reduce unnecessary dependence on imported goods.

Mr Minkah said the ultimate objective should be to build an economy that generates foreign exchange through productive activities rather than repeatedly resorting to borrowing to address currency pressures.

He acknowledged that the October performance and November projections were encouraging but stressed that the real measure of success would be the Board's ability to sustain its performance and translate the proceeds into lasting economic benefits.

"We must not mistake a successful month for a completed economic transformation," he cautioned.

He concluded that Ghana's natural resources must contribute more directly to strengthening the economy, building reserves, supporting industries and improving the country's financial independence.

"Our gold. Our reserves. Our currency. Our economic sovereignty," he stated.