Ghana generated over $1.1 billion in foreign exchange in May this year through the government's flagship Goldbod gold purchase programme, Finance Minister Dr. Cassiel Ato Forson has disclosed.

Dr. Forson made this known at the inauguration of the new Board of Directors of the Minerals Income Investment Fund (MIIF) in Accra on Tuesday, June 3.

According to him, the $1.1 billion profit was earned through the acquisition and export of over 11 tonnes of gold. This, he noted, represents a significant achievement in Ghana’s bid to boost local involvement in the gold industry and strengthen the cedi.

“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,” the minister said.

Chief Executive Officer (CEO) of the GoldBod, Sammy Gyamfi, has revealed that from February 2025 to May this year, GoldBod purchased and exported for the Bank of Ghana (BoG) gold from the artisanal small-scale mining sector to the tune of GHC40 billion, with an export value of approximately $4 billion.

Sammy Gyamfi added that the total gross weight of artisanal small-scale mining gold exported either by or through GoldBod from January to May stands at a whopping 41.5 tonnes.

GoldBod is open to symbiotic partnerships to actualize the vision of President Mahama to establish a "Gold Village" in Ghana to serve as a hub of gold jewelry and ornaments in Africa. GoldBod has revealed plans to roll out a digital traceability technology for its entire supply chain.

On Friday, March 28, 2025, Parliament passed the GoldBod Bill into an Act. The passage of the GoldBod Act crowns years of extensive consultations, meticulous planning, and unwavering commitment by President John Dramani Mahama to address the complex challenges that have plagued Ghana’s gold sector.

Goldbod's mandate is to oversee the gold sector, tackle illegal trade, and promote responsible sourcing in line with global standards such as the London Bullion Market Association (LBMA) certification.

Under the new Ghana Gold Board Act, all previously issued licenses for gold trading have been rendered void. Traders who wish to stay in business must submit fresh applications via the Goldbod website.

Applicants have been advised to pay attention to detail when filling out the forms, as inaccuracies could lead to disqualification.

A Board of Directors of the GoldBod has been constituted to oversee the operations of the initiative. They are expected to enhance the country's gold trade, ensure transparency in dealings, and aid the government's economic recovery efforts.

The 13-member Board include: Mr. Kojo Fynn – Chairperson, Mr. Samuel Gyamfi – Ag. CEO of the Gold Board / Member, Hon. Emmanuel Armah Kofi Buah – MP, Minister for Lands and Natural Resources / Member, Hon. Thomas Nyarko Ampem – MP, Deputy Minister for Finance / Member, Dr. Johnson Asiama – Governor, Bank of Ghana / Member.

The others are: Mr. Nelson Ahedor – Representative, Minerals Commission / Member, Mr. Christopher Opoku Nyarko – Representative, Ghana Chamber of Mines / Member, Mr. Godwin Nichelson Armah – Representative, Ghana Small Scale Miners Association / Member, Mr. Kwaku Effah Asuahene – Representative, Chamber of Bullion Traders / MemberHon. Shaibu Mahama – MP for Daboya/Mankarigu, President’s Nominee / Member, Dr. Abdul Baasit Aziz-Bamba – Senior Lecturer, UG School of Law, President’s Nominee / Member, Ms. Marrietta Brew Appiah-Oppong – Legal Counsel to the President, President’s Nominee / Member, Nana Ama Amissah III – Paramount Queen Mother and Mankessim Traditional Area, President’s Nominee / Member.