President Mahama Credits GoldBod for Ghana’s Record US$13.8 Billion Foreign Reserves

Accra: President John Dramani Mahama has credited the Ghana Gold Board (GoldBod) as the key driver behind Ghana's significant boost in international reserves, now standing at US$13.8 billion, covering 5.7 months of imports. According to Ghana Web, GoldBod's establishment has led to a surge in gold exports, with 103 tonnes exported in 10 months, generating over US$10 billion in forex inflows. This initiative aims to strengthen Ghana's economic stability and assert sovereignty over its natural resources. Addressing Parliament in his State of the Nation Address on February 27, 2026, President Mahama said formalising gold exports has reduced smuggling and increased recorded exports in the Artisanal Small-Scale Mining (ASM) sector from 66.3 tonnes at the end of 2024. 'Mr. Speaker, our reserves currently stand at US$13.8 billion, up from US$8.9 billion at the end of 2024. This covers 5.7 months of import cover. A key driver of this development has been the establishment of the Ghana Gold Board,' he explained. Th e President stated that, with global gold prices projected to rise over the next three years, the country must build stronger reserve buffers to contribute to currency stabilization, inflation control, investor confidence, and household income support. 'Mr. Speaker, when the cedi stabilizes, imported inflation falls, businesses can plan better, and household income will increase. As global uncertainties grow, it is necessary for us to reduce our country's exposure to external shocks, break the cycle of economic downturn, and safeguard our macroeconomic stability,' he said. President Mahama also endorsed the Finance Minister's introduction of the Ghana Accelerated National Reserve Accumulation, a policy designed to leverage the country's gold to strengthen foreign exchange reserves and promote economic stability. The initiative is expected to further boost Ghana's foreign exchange reserves, which have already shown significant improvement. Minister of Finance Dr Cassiel Ato Forson described the initiative a s historic and a strategic shift toward a structured, gold-backed, reform-driven accumulation framework. 'Gold as a strategic anchor central to the policy is a deliberate gold-backed reserve accumulation strategy, anchored on the Ghana Gold Board Act, 2025 (Act 1140), which mandates the Ghana Gold Board to generate foreign exchange and support gold reserve accumulation by the Bank of Ghana,' he explained. To achieve this, the Finance Minister revealed that the government has set an operational weekly gold purchase target of approximately 3.02 tonnes, comprising at least 2.45 tonnes from the ASM sector and a minimum of 0.57 tonnes from the Large-Scale Mining sector.