Gold Board Initiative Boosts Ghana’s Economy by Over GH¢3 Billion in Four Months – Kwakye Ofosu

The Minister of State in charge of Government Communications, Felix Kwakye Ofosu, has revealed that over GH¢3 billion has been injected into Ghana’s economy in just four months through a new government policy mandating small-scale miners to sell their gold exclusively to the Gold Board.

Speaking on GTV’s Breakfast Show, Mr. Kwakye Ofosu credited this initiative for the recent stabilization of the cedi. “In the last four months, more than $3 billion has come into the country in addition to what would have otherwise come,” he explained.

Under the arrangement, the Gold Board buys gold in cedis, exports it, and returns the foreign exchange earnings into the local economy. This inflow of dollars is then allocated across critical economic sectors, with a portion also held by the Bank of Ghana to bolster reserves. Some of the dollars are subsequently injected into the foreign exchange market or used to settle international obligations.

Before this policy was introduced, small-scale miners exported gold informally, and the resulting foreign exchange rarely reached the formal economy. “Small-scale miners were taking gold out of this country in a manner that was not accounted for. The proceeds did not come to a central point for equitable distribution,” Mr. Kwakye Ofosu noted.

He criticized the previous administration for its failure to stabilize the cedi despite having eight years in office. “In 2022 alone, the cedi lost about 54% of its value. It was the worst-performing currency at the time,” he pointed out.

Mr. Kwakye Ofosu assured that the Gold Board policy is not a short-term measure, but a lasting strategy. “The President has indicated that at some point, the cedi will hover within a certain band — a stable range that will shield Ghanaians from untold hardships,” he said.

Responding to claims that similar solutions were implemented under the previous administration, Mr. Kwakye Ofosu concluded, “If they indeed had effective measures, they would have produced results during their eight-year tenure.”