Opinion: GoldBod Is Ghana’s Gold Story—Let’s Build It Together, Not Tear It Down

Nations are not built by institutions alone. They are built by citizens who choose to protect and strengthen institutions created to serve the national interest.

That is why the conversation surrounding GoldBod must rise above politics, misinformation and narrow interests. It must be rooted in one simple question: Is GoldBod working for Ghana?

The answer, based on the available evidence, is yes.

Recent commentary has attempted to suggest that GoldBod’s strategy of purchasing gold at competitive prices has resulted in financial losses. That assertion is not supported by the facts.

Since its establishment, GoldBod has not recorded any losses.

In 2025 alone, the institution generated more than GH¢960 million in revenue while keeping expenditure below GH¢120 million, resulting in a projected surplus of between GH¢700 million and GH¢800 million.

Those are not the figures of an institution bleeding public resources.

They are the figures of an institution delivering value to the Ghanaian people.

However, the success of GoldBod cannot be measured by its balance sheet alone.

Its greatest achievement lies in reclaiming Ghana’s gold economy for Ghana.

For decades, our nation watched billions of dollars’ worth of gold leave our borders through smuggling. The consequences were severe: reduced foreign exchange earnings, weakened state revenue, and a cedi constantly under pressure.

GoldBod was established to reverse that trend.

The decision to buy gold at competitive prices was not an act of extravagance. It was a deliberate strategy to ensure that Ghanaian gold remained in Ghana’s formal economy.

We have seen before what happens when Ghana fails to offer competitive prices. In 2021, a policy that effectively discounted local purchases by about 3 percent caused artisanal and small-scale gold production to collapse from 39.3 tonnes to just 3.4 tonnes, as miners sold across the border instead.

That experience taught us a valuable lesson: if Ghana undervalues its own gold, smugglers will always find an opportunity.

GoldBod changed that equation.

In 2025, the institution exceeded its export target by shipping 104 tonnes of artisanal and small-scale gold, generating more than US$10 billion in foreign exchange.

Remarkably, for the first time in our nation’s history, the artisanal and small-scale mining sector generated US$10.8 billion, surpassing the US$2.4 billion earned by the large-scale mining sector.

These are not ordinary statistics.

They represent jobs protected, foreign exchange retained, investor confidence strengthened, and a more resilient cedi.

When we speak about the stability of the cedi today, we cannot ignore the significant contribution made by increased gold export receipts flowing through formal channels.

That is the bigger picture.

As Ghanaians, we should resist the temptation to reduce every national reform to political talking points. Institutions that are working should be strengthened, not weakened. Policies that are delivering measurable national benefits should be improved, not misrepresented.

GoldBod does not belong to any political party.

It belongs to the Republic of Ghana.

Its success is not the success of one government or one administration. It is the success of every cocoa farmer whose inputs become more affordable because the cedi is stronger; every trader who benefits from greater price stability; every miner who now sells through a transparent and formal market; and every Ghanaian who dreams of an economy built on responsible stewardship of our natural resources.

This is our collective project.

Like every young institution, GoldBod will continue to evolve, learn and improve. Constructive criticism will always be welcome because accountability strengthens public institutions.

But criticism must be fair, factual and guided by the national interest.

At this defining moment in Ghana’s economic journey, patriotism demands that we rally behind reforms that are formalising our gold industry, protecting national wealth, increasing foreign exchange earnings and creating long-term prosperity.

Gold is one of Ghana’s greatest blessings.

GoldBod is our opportunity to ensure that this blessing benefits every Ghanaian.

Let us protect it.

Let us improve it.

Above all, let us build it together—for Ghana, and for generations yet unborn.