Ghana has generated over $1.1 billion in foreign exchange just a month after the full rollout of the Goldbod initiative, marking a significant boost to the country’s reserves and efforts to stabilize the cedi, the Minister for Finance has announced.
Ghana has earned more than $1.1 billion in foreign exchange through the export of over 11 tonnes of gold in the first month of full operations under the Goldbod initiative.
This was revealed by the Minister for Finance during the inauguration of the new Board of the Minerals Income Investment Fund (MIIF), where he lauded the early success of the programme.
“This is a major milestone in our efforts to strengthen the cedi, build reserves, and increase local participation in the gold trade,” the Minister stated, emphasizing the importance of the Goldbod initiative as a tool for both economic resilience and resource sovereignty.
The Minister used the occasion to charge the newly inaugurated MIIF Board, chaired by Mr. Richard Kwame Asante, to uphold accountability and restore the fund’s credibility after years of what he described as “poor governance and resource mismanagement” between 2019 and 2024.
He noted that the government had temporarily reduced financial flows to MIIF until there is evidence of a turnaround.
“However, if the new Board restores discipline and focus, we will re-engage fully,” he assured.
Highlighting the importance of equity in the mining sector, the Minister stressed that Ghana must move beyond merely extracting gold to owning substantial stakes in the industry.
“MIIF must pursue significant equity in mining ventures and ensure Ghanaian businesses benefit meaningfully from our natural resources,” he said.
Additionally, the Finance Minister announced an intensification of anti-smuggling operations aimed at curbing the illicit export of precious minerals, as part of broader reforms to retain value from the country’s mineral wealth.
The announcement reflects the government’s renewed drive to leverage Ghana’s gold sector for sustainable economic growth and local empowerment.
Story Written By Bernard Quaye | Kobby Kyei News
