GoldBod’s Gold Strategy Emerges as Backbone of BoG’s $10bn Forex Support

The Bank of Ghana’s announcement that it has supplied US$10 billion in foreign exchange to shore up the economy since January 2025 has drawn attention to one of the country’s newest but most influential institutions—the Ghana Gold Board (GoldBod).

While the central bank has used this massive forex injection to stabilise the cedi, meet obligations to Independent Power Producers (IPPs), settle commitments to bondholders, and ease market pressures, GoldBod’s gold purchasing programme has quietly become a key engine powering this recovery.

A Game-Changer for Ghana’s Gold Economy

GoldBod was established with a clear objective: to create a formal, transparent, and value-secured system for purchasing gold from the small-scale sector. Before its establishment, Ghana was losing significant revenue due to smuggling, undervaluation, and untraceable gold exports that deprived the state of foreign exchange.

The absence of a structured gold-to-forex framework left the Bank of Ghana exposed during periods of exchange rate volatility and limited the country’s ability to build meaningful reserves.

GoldBod’s arrival has changed this dynamic.

Plugging Leakages, Strengthening Reserves

In its first full year of operation, GoldBod has transformed the gold purchasing environment by:

• establishing predictable supply channels
• introducing transparent pricing for small-scale miners
• reducing illicit outflows and smuggling
• ensuring more domestically mined gold feeds into national reserves

These reforms have delivered a steady stream of gold to the central bank, which has been converted into forex buffers that underpin its recent US$10 billion intervention.

This supply has provided the Bank of Ghana with greater flexibility to stabilise the market and address urgent national obligations without triggering major shocks.

Driving Economic Stability Through Local Resources

GoldBod’s contribution extends beyond gold purchasing—it represents a broader shift in how Ghana leverages its natural resources to defend its currency and maintain macroeconomic stability.

By keeping more value from the mining sector within Ghana, the institution has helped reduce pressure on external borrowing and improved the country’s ability to meet debt and energy-sector obligations.

The collaboration between the Bank of Ghana and GoldBod has also improved confidence among domestic and international investors, who now see Ghana’s reserve-building strategy as more reliable and transparent.

Scaling Up for the Future

GoldBod says it remains focused on deepening its contribution to national stability. Its plans include:

• expanding gold purchasing infrastructure across mining communities
• enhancing digital traceability systems
• improving collaboration with miners, aggregators, and security agencies
• aligning operations with the Bank of Ghana’s medium-term reserve targets

These efforts aim to ensure a consistent, long-term flow of gold and foreign exchange to strengthen Ghana’s economic resilience.

A Partnership Stabilising the Economy

As Ghana works to rebuild confidence and reinforce macroeconomic gains, the partnership between the Bank of Ghana and the Ghana Gold Board has emerged as one of the strongest pillars supporting the recovery.

GoldBod’s structured gold supply and the Bank of Ghana’s strategic use of reserves together demonstrate how the nation can harness its resources responsibly to protect the cedi, promote stability, and secure long-term prosperity.