GoldBod rakes in $1.17b after first full month—Finance Minister

Finance Minister Dr. Cassiel Ato Forson has disclosed that Ghana earned over $1.1 billion in foreign exchange during the first full month of operations under the GoldBod gold purchase programme.

The inflow, generated from the purchase and export of more than 11 tonnes of gold, marks a major milestone in the country’s efforts to stabilise the cedi and enhance local participation in the gold trade.

Dr. Forson made the announcement during the inauguration of the new Board of Directors of the Minerals Income Investment Fund (MIIF) in Accra. He urged the new board to build on the gains made through Goldbod and help deliver long-term value from Ghana’s mineral resources.

“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,” the Minister said.

He challenged the new board to return the Fund to its core mandate of responsible and transparent mineral investment. Between 2019 and 2024, he noted, MIIF suffered from severe mismanagement, prompting the government to withdraw 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, government will reconsider its stance,” Dr. Forson stated.

He emphasised MIIF’s role in increasing Ghana’s equity in mining operations and promoting local content across the value chain. He also revealed plans to collaborate with MIIF and Goldbod to further expand the gold purchase initiative and bolster Ghana’s gold reserves.

As part of broader sector reforms, Dr. Forson announced a renewed crackdown on mineral smuggling, pledging intensified oversight to ensure that no precious mineral leaves the country without due process and benefit to the state.

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

Mr. Asante, speaking on behalf of the board, pledged their commitment to rebuilding public confidence in MIIF and ensuring that its operations align with Ghana’s national development priorities.