Deputy Minister for Finance, Thomas Nyarko Ampem, has disclosed that the Ghana Gold Board (GoldBod) generated more than $10 billion in export earnings from gold in 2025, describing the achievement as a major factor behind the country’s improved foreign exchange position and the appreciation of the cedi.
Addressing Parliament on Wednesday, June 24, Mr Ampem said GoldBod purchased, aggregated and exported 104 metric tonnes of gold sourced from Ghana’s artisanal and small-scale mining (ASM) sector during the year.
According to him, the exports generated substantial foreign exchange inflows for the country.
“Last year, 2025, the Gold Board cumulatively purchased, aggregated and exported ASM gold totaling 104 metric tons, which generated in excess of 10 billion United States dollars for the country,” he told lawmakers.
Mr Ampem noted that the performance of GoldBod contributed significantly to improvements in Ghana’s macroeconomic indicators, particularly in strengthening the country’s foreign reserves and supporting the local currency.
“This singular achievement of the Gold Board was critical in the appreciation of the Ghana cedi by about 41 percent against the U.S. dollar in 2025, and in increasing foreign reserves from about $8.98 billion in December 2024 to $13.8 billion by end of December 2025,” he stated.
The Deputy Finance Minister further revealed that GoldBod invested heavily in the acquisition of gold during the period under review.
He explained that approximately $16.1 billion had been spent on gold purchases between January 2025 and May 2026, with $9.8 billion of that amount expended during the 2025 calendar year alone.
“From January 2025 to May 2026, the Gold Board expended approximately $16.1 billion on the purchase of gold, of which $9.8 billion was used between January and December 2025,” he said.
Mr Ampem added that government’s reforms in the gold sector are aimed at enhancing transparency, reducing smuggling and ensuring that the country derives maximum value from its mineral resources.
According to him, the reforms represent a deliberate shift from a system in which gold wealth was fragmented and vulnerable to illicit trade, to one in which gold is systematically aggregated, assessed, refined and exported through formal channels.
“The bigger policy point is that government is deliberately shifting Ghana from a regime where gold wealth was dispersed, underpriced and smuggled through the Gold Board. We have a regime where gold is transparently aggregated, assayed, refined, exported and turned into foreign exchange and reserves for the Republic, with visible and tangible benefits for the entire country,” Mr Ampem told Parliament.
The government maintains that the strengthened role of GoldBod is central to its strategy of leveraging Ghana’s mineral wealth to boost foreign exchange earnings, build reserves and support long-term economic stability.
