Speaking at the inauguration of the 13-member Board of Directors, Dr Forson stated, “GoldBoD is not just another institution—it is a vehicle for achieving currency stability, enhancing transparency in the gold trade, and supporting our broader recovery efforts.”

He extended the government’s congratulations to the board members on behalf of President John Dramani Mahama, urging them to approach their mandate with commitment and integrity.

Dr Forson noted that Ghana’s renewed focus on its gold resources is already bearing fruit, with the cedi recording a 16.7% appreciation against the US dollar as of May 13, 2025—the strongest performance of any currency globally so far this year.

“This turnaround is no accident. It reflects strong coordination between monetary and fiscal policy, improved inflows from gold, cocoa and remittances, and firm discipline in managing the public purse,” he asserted.

He emphasised that the GoldBoD would be crucial in sustaining this positive trajectory and in repositioning Ghana’s economy for long-term growth.

According to the Finance Minister, the GoldBoD will play a pivotal role in deepening transparency and maximising returns from Ghana’s gold sector.

He explained, “The Ghana GoldBob will be key to sustaining this progress and ensuring the sector contributes even more meaningfully to our economic transformation.”

Dr Forson expressed confidence in the board’s leadership, particularly under Mr Kojo Fynn, and encouraged members to uphold national interest above all else.

In concluding his remarks, Dr Forson reaffirmed the Mahama administration’s commitment to building a stronger and more resilient Ghanaian economy. 

“Let’s continue building a stronger, more resilient economy together,” he urged.

He expressed optimism that the GoldBod would serve as a cornerstone in Ghana’s renewed strategy for economic independence, currency stability, and resource-led development.

Three of them were arrested at Enyinam in the Eastern Region while the other three at Adiembra in the Ashanti Region.

Thousands of cedis and hundreds of gold bars as well as money counting machines were confiscated during the operation.

National Security Coordinator, DCOP Adbul Osman led the operation which happened few days ago.

Addressing the media on May 14, 2025, at the National Security Secretariat in Accra, Media relations officer of the Ghana GoldBod, Prince Minkah said three of the individuals arrested will face the rigours of the law.

According to Prince Minkah, the other three foreigners were arrested before the deadline (April 30), hence these individuals will not be prosecuted but go through the legal process of deportation.

However, he noted that the second batch of three foreigners arrested will be prosecuted in court.

The high-level engagement focused on exploring areas of collaboration between GoldBod and the Chamber to support Ghana’s economic development through trade, investment, and innovation.

Building Synergies for Economic Impact

The GNCCI delegation was led by its President,  Stephan Miezan, and included CEO  Mark Boadu-Aboagye, National Treasurer  Kabutey Ceaser, Chamber Member Dennis O. Carter, and Communication Officer Peter Atsu Dotse.

Welcoming the delegation, Sammy Gyamfi expressed appreciation for the visit and reaffirmed GoldBod’s commitment to private sector-led economic growth, particularly in areas such as mining value chains, industrial processing, and financial innovation.

The discussions also touched on policy alignment, access to finance for small and medium enterprises (SMEs), and how public-private partnerships can accelerate the implementation of Ghana’s industrial transformation agenda.

GNCCI President,  Stephan Miezan, noted the Chamber’s role in advocating for a thriving business environment and emphasized the importance of leveraging institutions like GoldBod to unlock new economic opportunities.

The surge came on the back of 9,295 kilograms of gold exported in April alone, the largest monthly volume within the 28-month data window from January 2023 to April 2025. This single-month performance has surpassed the entire gold export value of the first half of 2023 and continues a powerful upward trend under the administration of President John Dramani Mahama.

Since taking office in January 2025, President Mahama’s government has prioritized the formalization and expansion of Ghana’s gold export infrastructure. Analysts credit recent policy interventions, including tighter regulation, aggressive anti-illegal mining enforcement, and a renewed focus on value addition and transparency in the sector, for the surge in volumes and value.

“This is a watershed moment for Ghana’s mining sector. Nearly $900 million in export revenue from gold in a single month is not just a number—it’s proof that targeted reforms are working,” said a source at the Ministry of Lands and Natural Resources.

April’s performance builds on a strong start to the year, with total gold export earnings from January to April 2025 already exceeding $2.7 billion, well ahead of the $2.19 billion recorded in all of 2023.

The Ghana Gold Board, tasked with supervising and certifying gold exports, has played a critical role in enhancing traceability and efficiency across the value chain. Collaborations with refineries and licensed exporters have helped reduce leakages and maximize returns to the state.

With global gold prices remaining strong due to global uncertainty, Ghana appears well-positioned to sustain its momentum—boosting foreign reserves, strengthening the cedi, and providing the fiscal headroom needed for national development initiatives.

As Ghana eyes new revenue targets, April 2025 may well be remembered as the month that redefined the country’s gold export potential.

Speaking at a press briefing on Wednesday, April 30, the acting Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi said, “We gave all PMMC license holders and holders of licenses issued by the minister responsible for mines an ultimatum which elapses today, 30th of April, to apply for new licenses under the Ghana Gold Board Act.

“But we know that most of you have not been able to apply at all. We can also see from the back end of our website and the license application portal that some of you have started the process of applying, but have not yet completed the application process.”

He said a few applicants had completed their submissions, but to ensure fairness, the Board is allowing an additional three weeks.

“We’ve decided to extend the time frame for you to apply for a new Gold Board license, and that time frame is from today, the 30th of April, 2025, to the 21st of May, 2025. We believe that this is fair, and this time frame should be adequate for anybody who is serious and desirous of applying for a Gold Board license to do so.”

The new Ghana Gold Board Act renders all previous gold trading licences invalid. Mr Gyamfi urged Ghanaians who wish to remain in the trade to apply immediately via the official portal.

“Let me indicate again that if you want a license, you must go to the website of the Gold Board, which is goldbod.gov.gh, and goldbod is G-O-L-D-B-O-D, not B-O-A-R-D. Make sure you read the requirements and terms and conditions of the license accepted before you begin the process,” he stated.

Applicants are required to pay a fee, create an account, and fill out application forms accurately. He warned that errors or omissions may result in disqualification.

“If you make serious omissions or errors in the application, it will go against you in terms of the decision that the Gold Board will take on that application.”

Mr Gyamfi concluded with a notice to all applicants stating that the new deadline will not be extended anymore.

“This new deadline of 21st May 2025 is not subject to further extension. It will not be extended… By the 21st of this month, only persons who have been granted licenses by the Gold Board will be tolerated in the gold trading sector.

“If you are a Ghanaian and you hold a license under PMMC or the ministry responsible for mines and you don’t take steps to apply for a new license before the 21st, you will be committing a punishable criminal offense if caught to be trading in gold after the 21st of May,” he said.

The three suspects — Goutam Katriya, 35, Miraj Sarvaych, 22, Manash Damani, 42, are Indian nationals who are in the business of trading gold in Kumasi and Accra for Unique MM, a company allegedly owned by one Musah Salifu.

The suspects were arrested at their private residence around Atinga Junction in Kumasi, which has been converted into a gold trading center.

The arrest was based on a tip off from a patriotic whistle blower that the suspects were purchasing gold at “black market” rate for the purpose of smuggling.

The suspects were arraigned before the Achimota Circuit court yesterday and remanded into custody for a period of two (2) weeks.

At a press conference in Accra, the Director of Investigations at National Security, Chief Superintendent Osman Alhassan, disclosed that an amount of 1.9 million cedis, 4,500 rupees, 4.363 kilograms of gold, two counting machines, a CCTV recorder and an Indian passport were found in the possession of the suspects.

Preliminary investigations by National Security so far revealed, that none of the three suspects possess a valid license that allows them to purchase or deal in gold in the country.

The suspects who been dealing in gold in Ghana for over a decade, have not been able to adduce any residence permit or work permit or tax payment records on their business operations.

Additionally, it’s been revealed that Musah Salifu, a Ghanaian, who is alleged to be the sole shareholder of the Unique MM, is only a front for Goutam Katriya, the real beneficial owner and alter ego of the company.

Chief Superintendent Osman Alhassan cautioned both Ghanaians and foreign nationals against violating the provisions of the Ghana Gold Board Act and other laws governing the gold trading sector of the country.

“This arrest is only the beginning of GoldBod’s ruthless war against illegal gold trading and gold smuggling. We know that the arrested suspects smuggle gold through unapproved border points into India. This has serious negative consequences for the Ghanaian economy. We are still gathering intelligence on several illegal gold traders and smugglers. And very soon, we shall take necessary action.” he said.

The suspects are to remain in NIB custody until May 12, 2025, when they are expected to reappear before the court.

In a related matter, the GoldBod has reiterated its directive for all foreigners in the gold trading sector to exit the market by 30th April, 2025.

All persons dealing in gold have also been directed to trade in Ghana cedis and at the Bank of Ghana Reference Rate.

A breach of these directive, shall constitute a punishable offense under the GoldBod Act, 2025 (ACT 1140). This was contained in a Press Release issued by the GoldBod dated 23 April, 2025.

The association boasts of a documented gold reserve that can assist Goldbod to effectively gain the dollars needed to shore up the cedi. Goldbod prioritizes transparency, sustainability, value addition and stakeholder collaboration to strengthen Ghana’s position in the global market.

CEO of Goldbod, Sammy Gyamfi ESQ. emphasized the need for effective collaboration as he operates an open door policy that hinges on transparency and accountability. He assured the association the readiness of multimillion companies to partner and buy Gold from Goldbod.

Goldbod as part of its value addition strategy is determined to move Ghana from the export of unrefined gold (dore bars to refined gold bars) to refined gold (bullion) in partnership with Gold Coast Refinery and other local refineries to optimise national benefit.

Thus, in the short term, we shall move Ghana from the export of unrefined gold (dore’ bars) to refined gold (bullion) in partnership with Gold Coast refinery and other local refineries to optimize national benefits.

The exciting news is that, Ghana through the GoldBod, now maintains a free carried interest of 15% in this beautiful refinery, thanks to the leadership of H.E. John Dramani Mahama- the visionary.

The GoldBod held a successful consultative meeting with the Chamber of Bullion traders, Ghana on its pricing policy last Wednesday, ahead of its commencement of business scheduled for the first week of May 2025.

President of the Chamber of Bullion traders Kwaku Effah Asuahene asserted the need for a local gold pricing policy as he believes it is important in the structuring of the local gold trade.

CEO of GoldBod , Sammy Gyamfi ESQ. expressed satisfaction at the enthusiasm of the Chamber to partner the entity in ensuring it brings enhancement to the country’s forex and by extension the general wellbeing of the economy.The GoldBod Act (Act 1140),2025 was passed by parliament on 29th March, 2025 and assented to by the President H.E John Dramani Mahama. By this all licenses issued by the minister responsible for Mines and/or Precious Minerals Marketing Company (PMMC) to a person to purchase and deal in gold ceases to be valid.

Speaking at a recent meeting with the Canadian High Commissioner to Ghana, H.E. Myriam Montrat, Dr. Forson emphasized the government’s commitment to leveraging the Goldbod to address key economic challenges.

He explained that the initiative is designed not only to enhance the tracking and management of gold exports, but also to support broader economic objectives such as currency stability and long-term growth.
There is so much to gain from this initiative,” the Minister stated. “Goldbod will give us better control over our gold exports and help shore up our foreign exchange reserves. It is part of our strategy to reduce pressure on the cedi and to prioritize job creation over short-term revenue.”

Dr. Forson acknowledged recent mismanagement within Cocobod but was quick to caution against using those setbacks to discredit the broader Goldbod vision. “While Cocobod has faced some challenges, we must not lose sight of its significant contributions to Ghana’s development. The Goldbod builds on that legacy with a renewed focus on transparency, efficiency, and impact.”

He expressed confidence that the Goldbod will be fully operational soon.

The Minister also noted that the government has taken corrective actions under the IMF programme to address structural slippages inherited from the previous administration.

The High Commissioner of Canada to Ghana, in her remarks, congratulated Dr. Forson on his appointment and reaffirmed Canada’s commitment to its longstanding partnership with Ghana, particularly in the areas of agriculture and technical vocational education and training (TVET).