GoldBod Boosts Export Earnings but Structural FX Leakages Keep Pressure on the Cedi
Ghana’s push to anchor currency stability through resource-backed foreign exchange inflows is gaining traction, but structural outflows continue to blunt its impact, according to Joe Jackson.
Speaking at the UPSA Dean’s Lecture Series, themed “Exchange Rate Sustainability and Resource-Backed Stabilization in Ghana: Economic Reforms, Policy Trade-Offs and the Role of GoldBod,” Mr Jackson said the GoldBod initiative has significantly improved gold export value retention but falls short of addressing the deeper imbalances driving cedi weakness.
“GOLDBOD has had an immediate significant effect,” he noted, pointing to sharp gains in both export value and volume.
Official data presented at the lecture showed Ghana’s gold export value is projected to surge from $11.9bn in 2024 to $21.0bn in 2025, underpinned by a rise in export volumes from 144.5 tonnes to 200 tonnes. The artisanal and small-scale mining (ASM) segment accounted for a disproportionate share of the increase, with export value climbing from $4.6bn to $10.8bn.
The figures translate into 76.5 per cent growth in export value, 38.4 per cent in volume, and a 134.8 per cent expansion in ASM contribution, underscoring the scale of GoldBod’s early impact.
Mr Jackson attributed the gains to a set of coordinated policy interventions, including the centralisation of ASM gold purchases, improved alignment of domestic gold prices with global benchmarks, and the reduction of arbitrage opportunities that previously diverted export value offshore. The formalisation of the small-scale mining sector has also strengthened foreign exchange inflows and supported reserve accumulation.
Yet, despite the export windfall, the cedi remains vulnerable.
“GOLDBOD has improved export value retention of gold but has had limited effect on the largest FX leakages,” Mr Jackson added.
He identified persistent outflows, notably service imports, profit repatriation, and external debt servicing, as the primary drains on Ghana’s foreign exchange position. These structural leakages continue to offset gains from export earnings, limiting their transmission into currency stability.
The analysis highlights a familiar constraint in Ghana’s external sector: strong commodity performance without commensurate retention and domestic value capture.
For Mr Jackson, the path to durable exchange rate stability lies beyond export expansion alone. He called for a broader reform agenda focused on deepening domestic participation in extractive industries, building local supplier ecosystems, and developing Ghanaian technical-service capacity to reduce reliance on foreign inputs.
Strengthening domestic capital markets to scale local firms was also cited as critical.
“Increased export value retention is critical to the long-term sustainability of the cedi,” he stated.
While commending the GoldBod initiative, Mr Jackson concluded that without tackling systemic foreign exchange leakages, Ghana’s flagship gold-backed strategy will remain an important, but ultimately insufficient, pillar in stabilising the currency.
