GOLDBOD: Parliament passes Ghana Goldboard Act to boost forex reserves and stabilise cedi
Ghana’s Parliament has passed the Act establishing the Ghana Goldboard, a regulatory body tasked with overseeing gold transactions and accumulating foreign exchange to stabilise the cedi.
The Minister of Finance, Dr Cassiel Ato Forson, speaking in Parliament, highlighted the economic benefits of the Goldboard, stating that it would have the capacity to purchase up to three tonnes of gold per week, generating approximately $250 million in foreign exchange weekly.
"Ghana will be able to accrue up to $12 billion worth of foreign exchange to enable the Central Bank to build up forex reserves to cover the necessary imports," Dr Forson explained.
The government has earmarked GHS4.6 billion in the 2025 budget as seed capital to ensure a smooth take-off of the Goldboard.
The establishment of the Goldboard aligns with the National Democratic Congress' (NDC) 2024 election campaign pledge to stabilise the local currency and bolster the economy against external shocks through gold-backed forex reserves.
Dr Forson emphasised that the initiative would enhance forex stability, strengthen the Cedi, and create employment opportunities for Ghanaian youth.
He also noted that Ghana was not pioneering such an institution, referencing Guyana’s Goldboard, which was established in 1971.
The Chairman of Parliament’s Finance Committee, Isaac Adongo stated that the Goldboard would formalise government involvement in purchasing gold from small-scale miners and significantly increase Ghana’s gold exports.
