The Act creating the Ghana Goldboard, a regulatory agency charged with monitoring gold transactions and amassing foreign cash to stabilize the cedi, was passed by the Ghanaian Parliament.
Speaking in Parliament, Finance Minister Dr. Cassiel Ato Forson emphasized the Goldboard’s economic advantages by claiming that it could buy up to three tonnes of gold every week, bringing in almost $250 million in foreign cash every week.
“Ghana will be able to accrue up to $12 billion worth of foreign exchange to enable the Central Bank to build up forex reserves to cover the necessary imports,” said Dr. Forson.
To guarantee the Goldboard’s successful launch, the government has set aside GHS4.6 billion as seed money in the 2025 budget.
The Goldboard’s creation is in line with the National Democratic Congress’ (NDC) 2024 election campaign promise to stabilize the local currency and use gold-backed foreign exchange reserves to protect the economy from outside shocks.
Dr. Forson emphasized that the project will strengthen the Cedi, improve foreign exchange stability, and give young Ghanaians job opportunity.
Citing Guyana’s Goldboard, which was founded in 1971, he added that Ghana was not leading the way in the establishment of such an organization.
Isaac Adongo, the chairman of the Finance Committee of Parliament, claimed that the Goldboard would greatly boost Ghana’s gold exports and formalize government participation in buying gold from small-scale miners.
visit itrotronews everyday for updates