The recent stabilization of the Ghanaian cedi has been attributed in large part to the Ghana Gold Board (GoldBod), according to Dr. Cassiel Ato Forson, Ghana’s finance minister. The cedi is the best-performing currency in the world this year, up 16.7% versus the US dollar as of May 13, 2025.
A number of reasons, including better inflows from gold, cocoa, and remittances, strict public financial management, and great coordination between monetary and fiscal policy, are responsible for this favorable trend, according to Dr. Forson. He underlined that this accomplishment is largely due to the founding of GoldBod.
GoldBod was created to formalize and regulate Ghana’s gold sector, particularly by addressing issues such as fragmentation, unregulated players, and smuggling that previously plagued the industry.
By becoming the sole buyer and assayer of gold, with exclusive authority to license gold trade from Ghana’s small-scale mining sector, GoldBod has brought coherence to a previously disjointed system.
As per the Finance Minister, this formalization has led to increased foreign exchange inflows and strengthened the country’s foreign exchange buffers. He noted that gold is no longer just a mineral resource but a strategic asset for Ghana’s economic transformation.
Dr. Forson sees GoldBod as a pivotal component in Ghana’s strategy to achieve currency stability and sustainable economic growth. He expressed confidence in the newly inaugurated 13-member board of GoldBod to maintain the momentum and support the country’s economic recovery efforts.
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