Minister for Government Communications, Felix Kwakye Ofosu, has revealed that Ghana’s economy has seen a major boost of over $3 billion within a span of four months, thanks to the implementation of the Gold Board initiative.
Speaking in an interview on GTV, Mr. Kwakye Ofosu explained that the economic gains stem from a strategic policy that mandates all small-scale miners to sell their gold to the newly established Gold Board. This measure ensures that revenue from gold production is captured within the formal economy.
“In the last four months, over $3 billion has entered our economy in addition to expected inflows,” he stated.
He elaborated that the Gold Board purchases gold from local miners in Ghana cedis, exports it in exchange for U.S. dollars, and then reinvests those foreign earnings back into the economy. This approach, he noted, guarantees that hard currency is directed into vital sectors of the economy.
“A portion of the dollars is retained by the Bank of Ghana to boost our foreign reserves, while the rest is injected into the forex market and used to meet international obligations,” Kwakye Ofosu added.
Before the policy was enforced, small-scale miners often sold gold through informal channels, which led to foreign exchange earnings being lost to the system. The lack of proper documentation also made it difficult to track and manage national revenue.
“Gold was leaving the country without proper records, and the proceeds weren’t centralized or equitably distributed,” he noted.
Kwakye Ofosu contrasted the current administration’s efforts with the previous government’s performance, criticizing them for failing to stabilize the cedi over an eight-year period. He cited that in 2022 alone, the cedi depreciated by about 54%, making it one of the worst-performing currencies in the world at the time.
“The Gold Board initiative is not a temporary fix,” he stressed. “The President is confident that the cedi will eventually stabilize within a manageable range, putting an end to the wild fluctuations that have burdened Ghanaians.”
Responding to claims that similar policies existed under previous governments, Kwakye Ofosu questioned their effectiveness: “If they had workable strategies, they should have produced results during their eight years in power.”
With the Gold Board initiative now fully operational, the government expects continued foreign exchange inflows, increased economic stability, and a stronger foundation for long-term growth.
