While the government celebrates a $1.1 billion windfall under the Gold-for-Oil-backed forex initiative, critics are questioning the sustainability and transparency of what some call a high-stakes economic experiment. The Goldbod (Gold-for-Dollars) scheme, designed to stabilize the cedi and curb inflation, has delivered short-term relief—but at what cost? Skeptics warn of opaque gold trade arrangements, potential undervaluation of national resources, and limited long-term benefit to ordinary Ghanaians. As the government touts the initiative’s success, concerns mount that Ghana may be mortgaging its gold reserves for fleeting currency stability.
Ghana has secured over $1.1 billion in foreign exchange within just one month of full-scale operations under the government‘s flagship Goldbod initiative, marking a major milestone in efforts to stabilise the cedi, build reserves, and drive local participation in the gold trade.
Finance Minister Dr. Cassiel Ato Forson disclosed the earnings, describing the windfall as evidence of the initiative’s early impact. “I’m pleased to share that Ghana has earned over $1.1 billion in foreign exchange from the purchase of more than 11 tonnes of gold, just one month after the Goldbod initiative began full operations,” he said.
“This marks a significant milestone in our strategy to strengthen the cedi, build reserves, and increase local participation in the gold trade.”
Launched as part of Ghana’s broader economic recovery programme, the Goldbod initiative aims to leverage domestic gold production to shore up the country’s foreign exchange position, reduce reliance on external financing, and retain more value from the mining sector within the local economy.
The announcement coincided with the swearing-in of a new board for the Minerals Income Investment Fund (MIIF), where Dr. Forson issued a strong call for reform. “At the inauguration of the new Board of the Minerals Income Investment Fund (MIIF), I challenged the incoming leadership to build on this momentum,” he said.
MIIF, set up to strategically invest Ghana’s mineral wealth, has come under scrutiny in recent years. According to the Minister, “MIIF was established to invest Ghana’s mineral wealth wisely, but between 2019 and 2024, its operations were plagued by poor governance and resource misuse. That era must end.”
In a decisive move, the Ministry of Finance has restricted the fund’s access to new capital until structural reforms are visible. “We have reduced financial flows to MIIF until there is a demonstrable turnaround. If this new board, led by Mr. Richard Kwame Asante, can restore discipline and focus, government will re-engage fully.”
Dr. Forson also outlined a more assertive future for the fund and the country’s involvement in its mineral assets. “Ghana must not only mine gold, we must own part of it. The time has come for MIIF to hold significant equity in our mining sector and to ensure that Ghanaian businesses benefit meaningfully from our resources.”
In parallel, the government will step up enforcement in the gold supply chain to clamp down on illegal and undocumented exports. “We will also intensify anti-smuggling operations to prevent any unaccounted export of precious minerals.”
With global gold prices remaining robust and investor attention returning to resource-backed financial instruments, the Goldbod initiative, backed by increased state coordination and new institutional oversight, is being positioned as a core pillar of Ghana’s medium-term economic strategy. Industry analysts suggest that if current trends hold, the initiative could serve as a model for resource-backed forex mobilisation across mineral-rich African economies.
Last Updated on June 10, 2025 by samboadu
