Goldbod Rakes in $1.1 Billion After First Full Month, Says Finance Minister
Ghana has generated over $1.1 billion in foreign exchange from the export of more than 11 tonnes of gold during the first full month of operations under the government’s flagship Goldbod gold purchase programme.
The significant inflow, according to Finance Minister Dr. Cassiel Ato Forson, underscores the initiative’s strategic value in stabilising the Ghanaian cedi and enhancing indigenous participation in the gold trade.
Dr. Forson made the disclosure at the inauguration of the newly constituted Board of Directors of the Minerals Income Investment Fund (MIIF) in Accra. He urged the new board to consolidate the gains made under the Goldbod initiative and position the Fund as a vehicle for delivering long-term value from Ghana’s mineral resources.
“This is a clear demonstration of the value that can be realised when our mineral wealth is properly structured and managed. MIIF must align with this new vision,” Dr. Forson stated.
The Finance Minister also challenged the board to restore MIIF to its core mandate of responsible and transparent investment in the country’s mineral resources. He revealed that between 2019 and 2024, the Fund was plagued by mismanagement, which led the government to halt its financial support.
“We saw significant abuse of public resources. That era must not be repeated. If the board restores discipline and puts resources to proper use, government will reconsider its stance,” he added.
Dr. Forson further emphasised the Fund’s role in increasing Ghana’s equity stake in mining operations and promoting local content across the mineral value chain. He noted that government will be working closely with MIIF and Goldbod to expand the gold purchase initiative and strengthen the country’s gold reserves.
As part of ongoing reforms in the sector, he also announced a renewed government clampdown on mineral smuggling, pledging stronger oversight to ensure that no precious minerals are exported without due process or benefit to the state.
The reconstituted MIIF board is chaired by Mr. Richard Kwame Asante. Other members include Ms. Justina Amiorkor Nelson, Ms. Berl Yaa Asantewaa Asante, Ms. Mawusi Ama Mawuenyefia, Hon. Yakubu Mohammed, Hon. Alfred Okoe Vanderpuije, Mr. Robert Wisdom Cudjoe, Mr. Edward Appenteng Gyamerah, and Dr. Zakaria Mumuni.
Speaking on behalf of the board, Mr. Asante pledged their collective resolve to restore public confidence in MIIF and align the Fund’s operations with Ghana’s broader national development goals.
