Finance Minister Dr. Cassiel Ato Forson Reports $15 Billion Gold Inflow as GoldBod Posts GH¢5.44 Billion Surplus

24th July•2 min read•6 sources

Finance Minister Dr. Cassiel Ato Forson has revealed that the establishment of the Ghana Gold Board (GoldBod) has generated a staggering US$15 billion in additional foreign exchange inflows, significantly bolstering the nation’s external reserves and stabilizing the cedi. Presenting the 2026 Mid-Year Budget Review, Dr. Forson highlighted that these inflows have contributed to a remarkable shift in the current account surplus, which rose from 1.9% in 2024 to 8.3% in 2025. This financial windfall is attributed to GoldBod’s role in formalizing gold trade and curbing smuggling, establishing the agency as a central pillar of the Mahama administration's economic recovery strategy.

In tandem with these national gains, GoldBod management has dismissed claims of financial distress, reporting an overall surplus of GH¢5.44 billion for the 2025 fiscal year. CEO Sammy Gyamfi refuted allegations of losses previously raised by the Minority Caucus in Parliament, describing them as "discredited lies" intended to undermine the agency's performance. GoldBod also recorded an operational surplus of GH¢909.7 million, a feat achieved despite fluctuations in international gold prices. Beyond its balance sheet, the board has intensified regulatory oversight, recently suspending the gold trading license of Dominic Bonsu Ventures and securing a warrant for the proprietor’s arrest following alleged breaches of the Ghana Gold Board Act.

Despite the record earnings, the government has acknowledged a critical economic vulnerability: Ghana’s heavy concentration on gold, which now accounts for 68.3% of all export earnings. To mitigate the risks associated with global price volatility, Dr. Forson announced the "New Economy" framework, a three-year diversification strategy. This program aims to pivot investment toward other high-potential sectors such as cocoa and palm oil, reducing the nation’s singular reliance on mineral exports while maximizing the returns from existing gold assets.

Looking ahead, the government is implementing the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), which targets an ambitious 15 months of import cover by 2028. A key component of this strategy involves a new mandate for mining companies to sell 30% of their production to local refineries, a move designed to enhance domestic value addition and create jobs. Furthermore, amendments to the Bank of Ghana Act have introduced shared responsibility for inflation targeting between the Ministry of Finance and the central bank, aimed at cementing long-term macroeconomic stability as the nation navigates its transition toward a more diversified export base.

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Finance Minister Dr. Cassiel Ato Forson Reports $15 Billion Gold Inflow as GoldBod Posts GH¢5.44 Billion Surplus

More from business

Ghana Market Update: Cedi Strengthens Ahead of CanCham Summit as Bezos Consortium Secures Major Stake in Liverpool

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Ghana Government Secures 30% Gold Purchase Agreement with Chamber of Mines to Bolster National Reserves