Ghana’s Finance Minister, Dr. Cassiel Ato Forson, announced that the country earned over $1.1 billion in foreign exchange from the Goldbod gold purchase program during its first full month of operation. This revenue came from purchasing and exporting more than 11 tonnes of gold, marking a significant step towards stabilizing the cedi and increasing local involvement in the gold trade.
The announcement was made at the inauguration of the new Board of Directors for the Minerals Income Investment Fund (MIIF) in Accra. Dr. Forson encouraged the board to continue building on Goldbod’s success and focus on delivering long-term value from Ghana’s mineral resources.
“This is a clear demonstration of the value that can be realised when our mineral wealth is properly structured and managed. MIIF must align with this new vision,” stated Dr. Forson.
He urged the board to return MIIF to its core mission of responsible and transparent mineral investment, noting past mismanagement issues between 2019 and 2024 which led to government withdrawal of financial support.
“We saw significant abuse of public resources. That era must not be repeated. If the board restores discipline and puts resources to proper use, government will reconsider its stance,” Dr. Forson added.
Dr. Forson highlighted MIIF’s role in boosting Ghana’s equity in mining operations and promoting local content across the sector’s value chain. He also mentioned plans to collaborate with MIIF and Goldbod to expand the gold purchase initiative further, aiming to strengthen Ghana’s gold reserves.
In line with broader sector reforms, Dr. Forson declared a renewed effort against mineral smuggling, promising increased oversight to ensure all precious minerals benefit the state appropriately before leaving Ghana.
The newly inaugurated MIIF board is chaired by Mr. Richard Kwame Asante, with members including Ms. Justina Amiorkor Nelson, Ms. Berl Yaa Asantewaa Asante, Ms. Mawusi Ama Mawuenyefia, Hon. Yakubu Mohammed, Hon. Alfred Okoe Vanderpuije, Mr. Robert Wisdom Cudjoe, Mr. Edward Appenteng Gyamerah, and Dr. Zakaria Mumuni.
Mr. Asante expressed their dedication to restoring public trust in MIIF and aligning its activities with Ghana’s national development goals.