Osei Kyei-Mensah-Bonsu, the former Majority Leader in Parliament has stated the NDC government GOLDBOD if done well will help Ghanaians a lot.
According to the former lawmaker, stabilizing the exchange rate through gold marketing is a good initiative.
Speaking at a pre-budget consultation Osei Kyei Mensa Bonsu revealed, “Terms to stabilise exchange rate through gold marketing, the Goldbod being introduced by the NDC truth be said, if they will do it and do it well it will help. It is a good intent”.
The finance minister Dr Cassiel Ato Forson while delivering the 2025 budget to parliament listed government measures to stabilise the exchange rate.
They include establishing GoldBod, a scheme to increase foreign exchange reserves by leveraging Ghana’s gold resources to support the cedi. Continue the BoG’s foreign exchange forward auctions to provide stability to the currency market.
Undertaking strong fiscal consolidation, including reduced public sector spending and a lower fiscal deficit, to ease exchange rate pressures. And Promoting import substitution under the 24-Hour Economy Policy, boosting domestic production of key goods currently imported, thereby cutting down foreign exchange demand.
Some strategies to tackle inflation include, Implementing the Agriculture for Economic Transformation Agenda to boost food production and curb food price inflation. Introducing targeted policies to reduce the costs of essential items such as transport and utilities, which have a significant impact on inflation.
Strengthening fiscal consolidation efforts to reduce the fiscal deficit and government borrowing, will help lower inflationary pressures. Ensuring exchange rate stability will help control the cost of imported goods and fuel and support the BoG’s monetary policy stance and liquidity management interventions to sustain the disinflation process.
Meanwhile, in a Facebook post, Dr Cassiel Ato Forson also revealed the height of Ghana’s economic crisis in 2022, a staggering 60 tonnes of gold, valued at an estimated $1.2 billion, were smuggled out of the country through illegal channels.
Dr Forson disclosed that he engaged with officials from the UK-Ghana Gold Programme yesterday, an initiative aimed at breaking the link between illegal artisanal mining and serious organized crime.
He noted that discussions were centred on measures to strengthen Ghana’s gold sector, eliminate smuggling, and boost revenue.
A major step in addressing the issue, according to the Finance Minister, is the creation of the Ghana Gold Board (GoldBod).
This new institution will regulate the gold sector, curb smuggling, and promote responsible gold trade.
Through the UK-Ghana Gold Programme, he noted the government is also partnering with the Economic and Organised Crime Office (EOCO) to crack down on smuggling operations, particularly at key entry points like Bole.
He stressed that GoldBod will also work closely with the Precious Minerals Marketing Company (PMMC) to enhance pricing mechanisms, introduce pre-financing options for small-scale miners, encourage whistleblower reports on smuggling activities, and adopt responsible sourcing practices that align with the London Bullion Market Association (LBMA) certification.
As part of efforts to strengthen Ghana’s gold industry, Dr Forson announced that the government will fund GoldBod to purchase three tonnes of gold every week, a move aimed at increasing the country’s foreign.
“Additionally, in a major policy shift, we will abolish the 1.5% withholding tax on unprocessed gold as part of the 2025 Budget—a move that will encourage more legal gold trade and drive economic growth.
These efforts will put Ghana back in control of its gold industry, disrupt illegal networks, and ensure that our gold works for Ghanaians,” he added.
Watch the video below:
Npp’s guru Osei Kyei Mensah has endorsed, praised, and supported GOLDBOD. #AbanPapaAba pic.twitter.com/JcoyFaR2cQ
— KOJO DYNAMIC 𓃵 (@AnnanPerry) March 25, 2025
