A new policy paper assessing the macroeconomic effects of Ghana’s Gold Board (GoldBod) has identified the institution as a critical instrument for stabilising the economy, strengthening foreign exchange reserves, and improving the management of the country’s gold resources.

According to the analysis, GoldBod’s centralised gold purchasing and export framework addresses long-standing structural weaknesses in Ghana’s gold sector, particularly revenue leakages, weak foreign exchange retention, and widespread smuggling associated with artisanal and small-scale mining (ASM).

The report is authored by Prof. Festus Ebo Turkson of the Department of Economics, University of Ghana; Peter Junior Dotse, also of the Department of Economics, University of Ghana; and Prof. Agyapomaa Gyeke-Dako of the Department of Finance, UGBS, University of Ghana.

The paper argues that by purchasing gold locally in cedis and exporting through a single, regulated channel, GoldBod ensures that foreign exchange earnings are fully repatriated into the domestic economy.

This mechanism, it notes, directly supports balance-of-payments stability and helps to moderate pressure on the cedi.

Unlike traditional commodity trading entities, the study emphasises that GoldBod should be viewed primarily as a macroeconomic stabilisation tool rather than a profit-maximising institution.

Its value lies in its ability to improve liquidity management, enhance reserve accumulation, and reduce volatility in the foreign exchange market.

The analysis further highlights the institution’s role in formalising the ASM sector. By offering competitive prices and reliable off-take arrangements, GoldBod reduces incentives for illicit cross-border trade, thereby improving the accuracy of Ghana’s official gold production and export data.

From a fiscal perspective, the paper notes that improved traceability and compliance under GoldBod strengthen domestic revenue mobilisation while supporting anti-money laundering and counter-terrorism financing objectives.

Overall, the study concludes that GoldBod represents a strategic shift in how Ghana manages its most important mineral export.

When effectively governed and insulated from political interference, it says, the institution has the potential to enhance macroeconomic resilience, restore confidence in the currency, and support long-term economic planning.

Read the full report below: