Minister for Finance, Dr Cassiel Ato Forson, has announced that the government will fund the newly established Ghana Gold Board (GoldBod) to purchase three tonnes of gold weekly in a bid to bolster the country’s foreign exchange reserves.

This initiative forms part of broader efforts to regulate the gold sector, curb smuggling, and ensure that Ghana fully benefits from its natural resources.

"Gold is one of Ghana’s most valuable resources, yet illicit smuggling has robbed our economy of billions in revenue. To address this, the government will fund GoldBod to purchase three tonnes of gold every week, strengthening our foreign exchange reserves," Dr. Forson stated in a post on X.

Dr. Forson’s remarks follow revelations that in 2022, at the peak of Ghana’s economic crisis, an estimated 60 tonnes of gold—worth approximately $1.2 billion—were smuggled out of the country through illegal channels. The loss of this critical resource weakened Ghana’s ability to support its currency, contributing to cedi depreciation due to reduced foreign exchange inflows.

"Imagine the impact if that wealth had stayed in our economy! The loss of such vast sums deprives us of crucial foreign exchange, further weakening the cedi. This is why GoldBod's role is essential in ensuring that our gold stays within the legal market and directly supports our economy," he emphasized.

To address this challenge, the government has established GoldBod as a game-changing institution that will regulate the gold sector, combat smuggling, and promote responsible gold trade.

Through the UK-Ghana Gold Programme [an initiative dedicated to breaking the link between illegal artisanal gold mining and serious organized crime (SOC)], GoldBod is collaborating with the Economic and Organised Crime Office (EOCO) to curb smuggling at key entry points such as Bole.

Additionally, it is working with the Precious Minerals Marketing Company (PMMC) to enhance pricing mechanisms, introduce pre-financing options, encourage whistleblower reports on smuggling, and adopt responsible sourcing practices in line with London Bullion Market Association (LBMA) certification.