Ato Forson says Gold Board generated $15 billion forex inflows to support Ghana's reserves

Dr. Cassiel Ato Forson stated on Thursday, July 23, in Parliament, that the Ghana Gold Board generated an additional $15 billion in foreign exchange inflows. He described this intervention as a key factor in strengthening Ghana's reserves and supporting exchange rate stability. He also said, "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."

Dr. Forson said the Gold Board was established to formalise the gold trade, reduce smuggling, and ensure a greater share of Ghana's mineral wealth benefits the country. He described the development as "a four-times increment of the current account surplus in just one calendar year." The Gold Board initiative was described as a macroeconomic stabilisation policy designed to strengthen the cedi, build external buffers, and restore confidence in the Ghanaian economy. The government is seeking to consolidate 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. The government has reached an agreement with large-scale mining companies for the purchase of 30% of their annual gold production for local refining.