Ghana Has Earned Over $1.1bn in Foreign Exchange in Just One Month Under Goldbod Initiative - Ato Forson
Accra, Ghana - 03 June, 2025 - Ghana's Minister of Finance, Dr. Cassiel Ato Forson, has announced that the country has earned over $1.1 billion in foreign exchange from the purchase and export of more than 11 tonnes of gold under the Goldbod initiative.
According to Dr. Forson, this significant milestone has been achieved just one month after the initiative commenced full operations, demonstrating the potential of the program to boost the country's economy.
The Goldbod initiative is part of the government's efforts to strengthen the cedi, build reserves, and increase local participation in the gold trade.
Dr. Forson emphasized the importance of sustaining the momentum achieved so far, urging the newly appointed Board of the Minerals Income Investment Fund (MIIF) to ensure the continued success of the initiative. MIIF was established to strategically invest Ghana's mineral wealth, providing a platform for the country to benefit meaningfully from its natural resources.
However, Dr. Forson noted that MIIF's operations between 2019 and 2024 were marred by poor governance and resource mismanagement, which necessitated a change in approach. To address these issues, the government has reduced financial flows to MIIF until a clear turnaround is evident. Nevertheless, Dr. Forson expressed confidence in the new Board, led by Mr. Richard Kwame Asante, to restore discipline and focus to the Fund's operations. If successful, the government will re-engage fully with MIIF.
''This is a major milestone in our efforts to strengthen the cedi, build reserves, and increase local participation in the gold trade. At the inauguration of the new Board of the Minerals Income Investment Fund (MIIF), I urged the incoming leadership to sustain this momentum. MIIF was created to strategically invest Ghana’s mineral wealth—but between 2019 and 2024, its operations were marred by poor governance and resource mismanagement. That must change. Until a clear turnaround is evident, government has reduced financial flows to MIIF. However, if the new Board—under the leadership of Mr. Richard Kwame Asante—restores discipline and focus, we will re-engage fully.,'' he stated.
The Minister emphasized the need for MIIF to pursue significant equity in mining ventures, ensuring that Ghanaian businesses benefit meaningfully from the country's natural resources. Dr. Forson stated, highlighting the importance of local participation in the gold trade. He noted that to achieve this, MIIF must prioritize strategic investments that will yield long-term benefits for the country.
''Ghana must not only mine gold—we must own a stake in it. MIIF must pursue significant equity in mining ventures and ensure Ghanaian businesses benefit meaningfully from our natural resources. We are also stepping up anti-smuggling operations to curb the unaccounted export of precious minerals,'' he added.
In addition to the Goldbod initiative, the government is stepping up anti-smuggling operations to curb the unaccounted export of precious minerals. This move aims to ensure that Ghana's mineral resources are harnessed for the benefit of the country and its people.
Source: Lead News Online
