Accra: President John Dramani Mahama has highlighted the potential of high gold prices to create a robust economic "war chest" to protect Ghana from future financial disturbances. President Mahama emphasized that this strategy would enhance living standards and ensure prosperity for future generations.
According to Ghana Web, the Ghana Gold Board (GoldBod) is poised to play a crucial role in this initiative by purchasing gold from both Artisanal Small-scale miners and large-scale mining firms. The board aims to acquire 127 tonnes of gold annually from licensed miners across the nation to bolster foreign exchange reserves.
During his State of the Nation's address in Parliament, President Mahama expressed optimism about the sustained high gold prices over the next three years. He stated, "Mr Speaker, it is forecast that gold prices will remain high over the next three years and so this presents us the unique opportunity to build an economic war chest to withstand any global shocks to secure our microeconomic stability and improve the standard of living of our citizens and build a lasting prosperity for future generations."
The government's strategy focuses on strengthening international reserves, stabilizing the currency, and accessing substantial foreign exchange without accruing additional public debt. President Mahama credited the Ghana Gold Board with significantly increasing Ghana's international reserves, which have now reached $13.8 billion, covering 5.7 months of imports.
GoldBod's establishment has also led to a notable surge in gold exports, with 103 tonnes exported over ten months, generating over $10 billion in foreign exchange inflows. This initiative aims to reinforce Ghana's economic stability and assert control over its natural resources. President Mahama noted that formalizing gold exports has reduced smuggling and increased recorded exports in the Artisanal Small-scale mining sector from 66.3 tonnes by the end of 2024.
Finance Minister Dr. Cassiel Ato Forson recently announced that the Ghana Gold Board will spearhead the country's first-ever comprehensive national policy, the Ghana Accelerated National Reserve Accumulation policy (GANARAP). This policy will leverage gold to strengthen Ghana's foreign exchange reserves and promote economic stability.