How GoldBod’s Gold Purchasing Drive Helped BoG Mobilise $10bn for Ghana’s Stability
The Bank of Ghana’s disclosure that it has provided US$10 billion in foreign exchange support to the economy since January 2025 is a significant milestone in Ghana’s economic recovery.
This lifeline, which has supported Independent Power Producers, honoured commitments to bondholders, facilitated dividend payments, and strengthened the country’s debt management efforts has been instrumental in restoring stability, investor confidence, and predictability within the financial system.
Yet, behind this remarkable central bank achievement stands one of Ghana’s newest but most impactful institutions: the Ghana Gold Board.
GoldBod was established to reform and formalise the small-scale gold sector, provide a transparent national gold purchasing mechanism, eliminate value leakages, and channel Ghana’s gold resources toward national economic goals. Central to this mandate is its role in supplying gold and generating foreign exchange to support the Bank of Ghana’s reserve-building and market intervention strategies.
In just a year of operation, GoldBod has emerged as a critical contributor to the forex buffers that enabled the central bank to deliver this US$10 billion support to the economy.
Before GoldBod existed, the gold ecosystem was fragmented and largely informal. A significant portion of gold produced by the small-scale sector left the country through unregulated channels, depriving the nation of billions of dollars and weakening its ability to stabilise the cedi during periods of volatility. Ghana repeatedly struggled to access reliable forex inflows, and the absence of a structured mechanism for converting domestically mined gold into reserve assets left the Bank of Ghana exposed whenever the economy came under pressure. The establishment of GoldBod has fundamentally changed this landscape.
Through its disciplined purchasing programme, transparent pricing framework, and formalised engagement with miners and aggregators, GoldBod has created a predictable and accountable supply of gold for national use. Its operations have been translated into valuable forex that directly strengthens the central bank’s intervention capacity. This contribution stands behind the success the Bank of Ghana is celebrating today.
GoldBod has increased the quantity of gold delivered to the central bank, expanded buying mechanisms as well as reduced the smuggling and illicit outflows that previously denied Ghana substantial foreign exchange. By keeping more of the country’s gold value within the economy, GoldBod has enabled the central bank to respond more decisively to pressures from IPPs, external creditors, and domestic market demands.
The Ghana Gold Board remains committed to deepening this contribution. It is scaling up purchasing operations, strengthening partnerships across the mining value chain, and aligning its growth strategy with the Bank of Ghana’s medium-term reserve targets. The goal is to ensure a consistent flow of gold and forex that supports macroeconomic stability, protects the cedi, and secures Ghana’s financial resilience.
As the Bank of Ghana marks this achievement, GoldBod stands proudly as a strategic partner whose mandate and performance have become integral to Ghana’s renewed economic confidence. Together, the two institutions are demonstrating that Ghana can leverage its natural resources efficiently, transparently, and sustainably to secure the stability and prosperity its people deserve.
