Dr Cassiel Ato Forson, Minister of Finance swearing-in the members of the Ghana Gold Board

Minister for Finance, Dr Cassiel Ato Forson, has officially inaugurated the Board of Directors of the newly established Ghana Gold Board (GoldBod), marking a significant milestone in the Mahama administration’s strategy to use gold as a strategic asset for currency stability and national economic transformation.

The inauguration ceremony, held in Accra on Monday, May 19, 2025, follows months of intensive groundwork that began with the formation of a Technical Committee on January 27, 2025.

The committee was tasked with crafting the legal and operational framework for GoldBod, culminating in the swift passage and presidential assent of the GoldBod Bill earlier this year.

Addressing the newly sworn-in board, Dr Forson praised the committee's efficiency and reiterated the Mahama government’s commitment to repositioning gold as a catalyst for broader economic prosperity.

“The Ghana Gold Board is a flagship initiative envisioned by His Excellency President John Dramani Mahama for economic revitalization,” the Minister stated.

“It is a vehicle for achieving currency stability through the structured purchasing and management of Ghana’s gold resources.”

He explained that although Ghana remains Africa’s top gold producer, the economy has historically failed to reap the full benefits of the mineral, with returns largely limited to taxes and royalties.

To correct this, GoldBod has been established as a specialized agency with the exclusive mandate to purchase, assay, and license the trade of gold, particularly from the small-scale mining sector, while promoting transparency, traceability, and international compliance.

“The chaos in Ghana’s gold purchasing sector that prevented the nation from fully benefiting from its resources has come to an end,” Dr Forson declared.

“GoldBod is now the sole buyer and assayer of gold, with full regulatory authority.”

He emphasised that the previous fragmentation of the gold market, where entities such as the Bank of Ghana, the Precious Minerals Marketing Company (PMMC), the Minerals Income Investment Fund (MIIF), and private aggregators operated concurrently, contributed to widespread gold smuggling and the loss of foreign exchange earnings.

According to the finance minister, GoldBod’s interventions have already begun to yield results. The Ghana cedi has appreciated 16.7% against the US dollar year-to-date, reversing a 13.4% depreciation over the same period in 2024.

This performance earned the cedi recognition as the world’s best-performing currency in April 2025.

“Our foreign exchange reserves reached a record high in April 2025, exceeding IMF programme targets ahead of schedule. This underscores the sustainability of the cedi’s appreciation,” he added.

He urged the board to sustain this momentum by executing its mandate with diligence, transparency, and strategic foresight.

GoldBod Chair vows accountability and stakeholder engagement

In his remarks, Board Chairperson, Kojo Fynn pledged the board’s commitment to serve with integrity and humility.

“We are aware of the weighty responsibilities entrusted to us under the GoldBod Act, and we intend to execute them with the highest standards of good governance. We will engage all stakeholders to ensure the Board’s success in transforming Ghana’s gold economy,” he said.

The inauguration of the Ghana Gold Board is widely regarded as a pivotal step in restructuring Ghana’s gold economy, curbing illicit trade, and building long-term financial resilience.

Members of the Ghana Gold Board

The newly constituted board comprises a blend of government officials, regulatory agency representatives, industry stakeholders, legal experts, and traditional authority figures. The members are:

• Kojo Fynn – Chairperson

• Samuel Gyamfi – Acting CEO, Ghana Gold Board

• Emmanuel Armah Kofi Buah – Minister for Lands and Natural Resources

• Thomas Nyarko Ampem – Deputy Minister for Finance

• Dr Johnson Asiama – Governor, Bank of Ghana

• Nelson Ahedor – Representative, Minerals Commission

• Christopher Opoku Nyarko – Representative, Ghana Chamber of Mines

• Godwin Nichelson Armah – Representative, Ghana Small Scale Miners Association

• Kwaku Effah Asuahene – Representative, Chamber of Bullion Traders

• Shaibu Mahama – MP, President’s Nominee

• Dr Abdul Baasit Aziz-Bamba – Legal Scholar, University of Ghana, President’s Nominee

• Ms. Marietta Brew Appiah-Oppong – Legal Counsel to the President, President’s Nominee

• Nana Ama Amissah III – Paramount Queen Mother, Mankessim Traditional Area, President’s Nominee