GoldBod Boosted Forex Inflows and Helped Stabilise the Cedi – Dr. Theo Acheampong

Dr. Theo Acheampong, a Technical Advisor at the Ministry of Finance, has underscored the significant impact of the Ghana Gold Board (GoldBod) in improving foreign exchange inflows into the formal banking system—an intervention he says has played a crucial role in stabilising the cedi.

Speaking on Channel One TV’s The Point of View on Monday, January 5, Dr. Acheampong explained that, before the recent policy reforms, a large share of foreign currency earned from the artisanal and small-scale mining (ASM) sector never passed through official banking structures.

According to him, detailed analysis would show that only about 20–30 percent of gold-related foreign exchange from the ASM sector previously found its way into regulated channels. He noted that the new policies, particularly those involving GoldBod, have changed this dynamic by effectively directing much more of these “gold dollars” into the banking system and ultimately to the Bank of Ghana.

He emphasised that this shift is a major reason the cedi has held steady, arguing that Ghana’s currency would have been far weaker had the country relied solely on reforms under the International Monetary Fund (IMF) programme.

Dr. Acheampong stated that without the GoldBod-linked interventions, the exchange rate would not have ended the year around GHS10.45–GHS10.50. Instead, he suggested the currency might have depreciated from around GHS15 to roughly GHS13—still a much weaker outcome.

To reinforce his point, he referenced the IMF’s own evaluation of Ghana’s foreign exchange management. The Fund observed that the Bank of Ghana has become more assertive in the FX market, supported by improved inflows.

He cited paragraph 33 of the IMF report, which notes:
“The BoG is actively managing the FX market while increasing its footprint. Since programme approval, the Bank has taken an increasingly active role as an intermediary in the FX market, backed by stronger balance of payment inflows. The domestic gold purchase programme has been a key source of these inflows, alongside cocoa revenues and repatriated funds.”

Together, these developments highlight the important role GoldBod is playing in stabilising Ghana’s currency and supporting broader economic recovery.