Kyei-Mensah-Bonsu Lauds GoldBod’s Role in Boosting Ghana’s Economic Recovery
Former Majority Leader and Member of Parliament for Suame, Osei Kyei-Mensah-Bonsu, has expressed strong support for the establishment of the Ghana Gold Board (GoldBod), describing the agency as a key driver of Ghana’s recent economic gains.
Speaking in an interview on Kumasi-based Lawson FM, Mr Kyei-Mensah-Bonsu commended the government for introducing structural reforms such as the creation of GoldBod, which he said has contributed to stabilising key macroeconomic indicators.
Positive Economic Indicators
“On the face of it, you’ll give pluses. Don’t forget, at a point in time, our inflation rose to 50 percent but started reducing from the 12th month and hovered around 21 percent. It has further reduced after the NDC took over power to a single digit. To record a single-digit inflation, I think it is positive,” he remarked.
According to him, the decline in inflation has been accompanied by improved performance in interest and exchange rates.
“The interest rate is in the region of 18 or 19 percent and it’s positive, even though it could have come down further once the exchange rate had reduced. But someone would say, ‘quarter loaf is better than none,’” he stated.
He further noted that the exchange rate, which had peaked at around GH¢16 to the US dollar, has since appreciated to about GH¢10.50, describing the development as “a significant achievement.”
GoldBod’s Contribution to Growth
The former lawmaker praised the Ghana Gold Board for its role in supporting the recovery of the national economy through increased gold exports and foreign exchange generation.
Established under the Ghana Gold Board Act, 2025 (Act 1140), GoldBod serves as the sole legal aggregator and exporter of gold produced by licensed artisanal and small-scale miners (ASM).
Since its inception, the Board has been credited with enhancing revenue transparency, reducing gold smuggling, and boosting Ghana’s foreign reserves through formalised gold trading.
Between January and October 15, 2025, GoldBod generated over US$8 billion in foreign exchange from small-scale gold exports — a performance economists say has been instrumental in supporting Ghana’s balance of payments and foreign reserve accumulation.
Sustaining the Gains
Mr Kyei-Mensah-Bonsu underscored the need for continuity in such structural reforms, noting that institutions like GoldBod have the potential to create long-term stability and economic growth if sustained and strengthened.
Gold remains Ghana’s leading export commodity, accounting for a significant share of export earnings and employment, particularly within the artisanal and small-scale mining subsector.
