GHANA has earned more than $1.1bn in foreign exchange in just one month from the export of over 11 tonnes of gold, following the full activation of its Goldbod initiative, Finance Minister Cassiel Ato Forson announced in a post on X (formerly Twitter) on Tuesday.
The windfall is being hailed as a significant breakthrough in efforts to stabilise the cedi, boost foreign reserves, and assert greater local control over Ghana’s gold trade.
‘This is a major milestone in our efforts to strengthen the cedi, build reserves, and increase local participation in the gold trade,’ Forson posted on the social platform.
MIIF board tasked with reform
The announcement coincided with the inauguration of the new board of the Minerals Income Investment Fund (MIIF). Forson used the occasion to call for a total reset at the fund, which he said was weakened by poor governance and mismanagement between 2019 and 2024.
‘MIIF was created to strategically invest Ghana’s mineral wealth—but its operations were marred by poor governance and resource mismanagement. That must change,’ he said.
Government has reduced financial flows to MIIF until it sees concrete signs of reform. However, Forson said full re-engagement is possible if the new board, chaired by Richard Kwame Asante, restores discipline and strategic focus.
Ghana aims for equity in mining
Forson stressed that Ghana must go beyond extraction to secure real ownership in its mining sector.
‘Ghana must not only mine gold—we must own a stake in it,’ he said. He charged MIIF with the task of acquiring significant equity in mining operations and ensuring that Ghanaian businesses benefit from the country’s mineral wealth.
Government intensifies smuggling crackdown
The Finance Minister also revealed that the government is scaling up efforts to curb mineral smuggling, which undermines both revenue and regulatory controls. A stronger enforcement drive will accompany the Goldbod programme’s push for formalisation.
Launched to streamline gold exports and retain forex within the economy, Goldbod is already showing promise. With over $1.1bn in foreign exchange earnings in its first month, Forson said the initiative proves that bold reform can yield immediate benefits.
