Ghana earns over $1.1 billion from gold exports in first month of Goldbod operations – Ato Forson

Ghana earned over $1.1 billion in foreign exchange from the first full month of operations under the Goldbod gold purchase programme, Finance Minister Dr. Cassiel Ato Forson has revealed.

The inflow came from the purchase and export of more than 11 tonnes of gold. Dr. Forson said the initiative is helping to stabilise the cedi and increase Ghana’s share of benefits from its mineral resources.

He made the remarks in Accra during the inauguration of the new Board of Directors of the Minerals Income Investment Fund (MIIF) on Monday, June 2, 2025.

“This is a clear demonstration of the value that can be realised when our mineral wealth is properly structured and managed. MIIF must align with this new vision,” Dr. Forson said.

He urged the new board to return the Fund to its core mandate of transparent and responsible investment in Ghana’s mineral sector.

According to him, between 2019 and 2024, MIIF was poorly managed, leading to the government’s withdrawal of financial support.

“We saw significant abuse of public resources. That era must not be repeated. If the board restores discipline and puts resources to proper use, the government will reconsider its stance,” he stated.

Dr. Forson added that MIIF has an important role to play in securing equity for Ghana in mining operations and promoting participation by local businesses in the minerals value chain.

He disclosed that the government is working with both MIIF and Goldbod to expand the gold purchase initiative and increase the country’s gold reserves.

Dr. Forson also announced new measures to curb mineral smuggling.

He said the government will step up oversight to prevent the illegal export of precious minerals and ensure the country receives its fair share.

The new MIIF board is chaired by Mr. Richard Kwame Asante. Other members are Ms. Justina Amiorkor Nelson, Ms. Berl Yaa Asantewaa Asante, Ms. Mawusi Ama Mawuenyefia, Hon. Yakubu Mohammed, Hon. Alfred Okoe Vanderpuije, Mr. Robert Wisdom Cudjoe, Mr. Edward Appenteng Gyamerah and Dr. Zakaria Mumuni.

Speaking on behalf of the board, Mr. Asante said they would work to restore public trust in MIIF and ensure its operations are in line with Ghana’s national development goals.