SONA 2026: GOLDBOD a key driver behind Ghana’s $13.8 billion foreign reserves – Prez Mahama
President John Mahama has lauded the Ghana Gold Board (GOLDBOD) as a key player in enhancing the country’s foreign reserves which currently stands at a record $13.8 billion.
Delivering the State of the Nation Address in Parliament on Friday, President Mahama revealed that GOLDBOD has had a significant impact on gold exports, noting that Ghana exported 103 tonnes of gold within just ten months of the Board’s operationalization, generating over US$10 billion in foreign exchange revenue.
“Mr. Speaker, our reserves currently stand at US$13.8 billion, up from US$8.9 billion by the end of 2024. This covers 5.7 months of import needs. A key driver of this development has been the establishment of the Ghana Gold Board,” he stated. “The formalisation of gold exports has reduced smuggling and increased recorded exports in the Artisanal Small-scale Mining sector from 66.3 tonnes as at the end of 2024.”
The President emphasized that this boost in reserves is critical to reinforcing Ghana’s economic stability and asserting control over its natural resources amid global uncertainties, adding that with expectations of rising global gold prices over the next three years, it is essential for Ghana to strengthen its reserve buffers to cushion the cedi, curb inflation, enhance investor confidence.
“When the cedi stabilizes, imported inflation falls, businesses can plan better, and household income will increase. As global uncertainties grow, it is necessary to reduce our country’s exposure to external shocks, break the cycle of economic downturns, and safeguard microeconomic stability,” President Mahama emphasized.
The President Mahama also lauded the introduction of the Ghana Accelerated National Reserve Accumulation (GANRAP) Policy on Thursday, assuring that the initiative will “live up to expectations” in using Ghana’s gold resources to strengthen foreign exchange reserves and promote economic resilience.
“Gold, as a strategic anchor, is central to this policy. It is a deliberate gold-backed reserve accumulation strategy, anchored on the Ghana Gold Board Act, 2025 (Act 1140), which mandates GoldBod to generate foreign exchange and support reserve accumulation at the Bank of Ghana,” Finance Minister Ato Forson explained in Parliament on Thursday.
To operationalize this policy, Finance Minister Ato Forson announced a 3-tonne weekly gold purchases target made up of at least 2.45 tonnes from the Artisanal Small-scale Mining (ASM) sector and a minimum of 0.57 tonnes from the Large-Scale Mining sector.
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