Finance Minister Dr Cassiel Ato Forson says the Ghana Gold Board generated an additional $15 billion in foreign exchange inflows, describing the intervention as a key factor in str
The report indicates that finance Minister Dr Cassiel Ato Forson says the Ghana Gold Board generated an additional $15 billion in foreign exchange inflows, describing the intervention as a key factor in strengthening Ghana’s reserves and supporting exchange rate stability.
It further notes that presenting the 2026 Mid-Year Fiscal Policy Review in Parliament on Thursday, July 23, Dr Forson stated the Gold Board was established to formalise the gold trade, reduce smuggling and ensure that a greater share of Ghana’s mineral wealth benefits the country.
He stated the policy intervention significantly improved Ghana’s external position, contributing to a rise in the country’s current account surplus.
“This single policy measure improved Ghana’s current account balance by 6.4 percentage points, from a surplus of 1.9% in 2024 to 8.3% in 2025,” he told Parliament.
Dr Forson described the development as “a four-times increment of the current account surplus in just one calendar year.”
According to him, the Gold Board initiative was not merely a revenue mobilisation measure but part of government’s broader macroeconomic strategy.
“It is a macroeconomic stabilisation policy designed to strengthen the cedi, build external buffers and restore confidence in the Ghanaian economy,” he said.
The Finance Minister stated government is seeking to consolidate the gains through the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), which aims to increase international reserves to the equivalent of 15 months of import cover by the end of 2028.
He added that the government has reached an agreement with large-scale mining companies for the purchase of 30% of their annual gold production for local refining.
According to Dr Forson, the arrangement will support domestic value addition while helping Ghana accumulate reserves.
He also stated that government has amended the Bank of Ghana Act to make inflation targeting a shared responsibility between the Ministry of Finance and the central bank.
The move, he said, is intended to strengthen coordination between fiscal and monetary policies.
The Ghana Gold Board has been one of the major economic interventions introduced by the Mahama administration, with government positioning it as a mechanism to formalise the small-scale gold sector and retain more value from Ghana’s gold exports.
