Ghana Earns $1.1 Billion from Gold Exports in One Month Under Goldbod Initiative
Finance Minister Cassiel Ato Forson announces Ghana’s $1.1 billion foreign exchange gain from gold exports under the Goldbod initiative, pushing reforms in MIIF to strengthen cedi and curb mineral smuggling.
Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has announced a major economic milestone, revealing that the country has earned over $1.1 billion in foreign exchange from the export of more than 11 tonnes of gold—all within the first month of the Goldbod initiative’s full-scale operations.
Speaking at the inauguration of the new Board of the Minerals Income Investment Fund (MIIF), Dr. Forson described the development as a critical step in strengthening the Ghanaian cedi, building foreign exchange reserves, and enhancing local participation in the gold trade.
“This is a major milestone in our efforts to strengthen the cedi, build reserves, and increase local participation in the gold trade,” the Finance Minister said.
Focus on MIIF Reforms
Dr. Forson used the occasion to address governance challenges within MIIF, the state-owned entity responsible for investing proceeds from Ghana’s mineral wealth. He criticized the Fund’s operations from 2019 to 2024 as being plagued by poor governance and mismanagement of resources, asserting that reforms were urgently needed.
“MIIF was created to strategically invest Ghana’s mineral wealth—but between 2019 and 2024, its operations were marred by poor governance and resource mismanagement. That must change,” he said.
To signal the government’s seriousness, Dr. Forson announced a temporary reduction in financial flows to MIIF, pending evidence of improvement. He emphasized that once the Fund regains focus and credibility under the newly sworn-in board chaired by Mr. Richard Kwame Asante, the government would fully re-engage with it.
Push for Ghanaian Ownership in Gold Sector
The Finance Minister also reiterated the government’s commitment to ensuring that Ghana not only mines gold but owns a significant stake in it. He urged the new MIIF Board to secure equity in mining ventures and guarantee that local businesses derive real value from the country’s mineral resources.
“Ghana must not only mine gold—we must own a stake in it,” he stressed.
Anti-Smuggling Measures Strengthened
In addition to promoting transparency and participation, the government is also intensifying anti-smuggling operations to curb the illegal export of gold and other precious minerals—a long-standing challenge that has resulted in significant revenue loss.
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