Finance Minister Dr Cassiel Ato Forson says the Ghana Gold Board has generated an additional $15 billion in foreign exchange inflows, contributing significantly to the strengthening of Ghana’s international reserves and supporting exchange rate stability.
Presenting the 2026 Mid-Year Fiscal Policy Review in Parliament on Thursday, July 23, Dr Forson said the Gold Board was established to formalise the gold trade, curb smuggling and ensure that a larger share of the country’s mineral wealth benefits the Ghanaian economy.
According to him, the initiative has had a major impact on Ghana’s external position, resulting in a significant improvement in the country’s current account balance.
“This single policy measure improved Ghana’s current account balance by 6.4 percentage points, from a surplus of 1.9% in 2024 to 8.3% in 2025,” he told Parliament.
Dr Forson described the development as a four-fold increase in the current account surplus within one calendar year, adding that the Gold Board was more than a revenue mobilisation programme.
“It is a macroeconomic stabilisation policy designed to strengthen the cedi, build external buffers and restore confidence in the Ghanaian economy,” he said.
The Finance Minister said government is working to sustain the gains through the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), which seeks to increase Ghana’s international reserves to 15 months of import cover by the end of 2028.
He further disclosed that government has reached an agreement with large-scale mining companies for the purchase of 30% of their annual gold production for local refining.
Dr Forson said the arrangement would promote domestic value addition while supporting efforts to build Ghana’s foreign exchange reserves.
He also announced amendments to the Bank of Ghana Act to make inflation targeting a shared responsibility between the Ministry of Finance and the central bank.
The Finance Minister explained that the move is aimed at improving coordination between fiscal and monetary policies to achieve greater economic stability.
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