The Ghana Gold Board (GoldBod) has been regarded by President John Dramani Mahama as one of the major drivers that has stabilised the economy.
President Mahama says the nation’s current reserve of US$13.8 billion from US$8.9 billion at the end of 2024 is largely due to GoldBod, whose feat has helped boost the reserves.
During the 2026 State of the Nation Address (SONA) in Parliament on Friday, February 27, 2026, President Mahama noted that formalising gold exports has reduced smuggling and increased the State’s revenue from the sector.
“Mr. Speaker, our reserves currently stand at US$13.8 billion from US$8.9 billion at the end of 2024. This covers 5.7 months of imports. A key driver of this achievement has been the establishment of the Ghana Gold Board,” he noted.
The President continued that, “by formalising gold exports, we have reduced smuggling, we have increased recorded export in artisanal and small scale mining sector from 66.3 tonnes to 103 tonnes and we channeled that foreign exchange into our economy.”
He also highlighted the impact of a stabilised currency on households and businesses, which he says translates into tangible benefits for the citizenry.
“Mr. Speaker when the cedi stabilises, imported inflation falls, household incomes improve and businesses can plan better,” he added.
Speaking further on the impact of the reserves, President Mahama averred that the increased reserves will help cushion the economy against external shocks.
“Mr. Speaker, as global uncertainty grows, it is necessary for us to reduce our country’s exposure to external shocks, break the cycle of economic downturns and safeguard our macroeconomic stability.
