GoldBod has contributed immensely to recent stability of Cedi through gold reserve accumulation – Ato Forson
Ghana’s Minority Leader in Parliament, Dr. Cassiel Ato Forson, has credited the recent stability of the Ghanaian cedi to the gold reserve strategy implemented by the GoldBod initiative under the Bank of Ghana. According to him, the accumulation of gold reserves has played a pivotal role in strengthening the local currency and reducing overreliance on the US dollar.
Accra, Ghana – Top Knowledge TV | Business & Economy Desk
Dr. Cassiel Ato Forson, Minority Leader in Ghana’s Parliament and Ranking Member on the Finance Committee, has acknowledged the critical role of the GoldBod initiative in helping stabilize the Ghanaian cedi in recent months. Speaking during a media briefing in Accra, Dr. Forson commended the Bank of Ghana’s gold reserve accumulation strategy, which he believes has been instrumental in supporting the local currency amid ongoing global economic volatility.
“The accumulation of gold reserves by the GoldBod initiative has significantly reduced pressure on the foreign exchange market,” Dr. Forson noted. “It’s a major factor contributing to the cedi’s relative stability in the first and second quarters of 2025.”
GoldBod, the Bank of Ghana’s gold-backed asset strategy, was launched as part of a broader framework to diversify Ghana’s foreign exchange reserves and reduce dependency on traditional currencies such as the US dollar. By converting part of the country’s gold production into reserves, the central bank aims to strengthen Ghana’s monetary base and insulate it from external shocks.
Dr. Forson emphasized that the initiative is a strong example of using domestic resources strategically to bolster economic resilience. He also called for continued transparency and accountability in managing the gold reserves to sustain public trust and policy impact.
Analysts have observed that the cedi, which faced significant depreciation in 2022 and 2023, has shown signs of resilience in recent months, aided by improved forex management, seasonal inflows, and strategic interventions like GoldBod.
In conclusion, the Minority Leader urged the government to further invest in gold value addition and local refinery capacity to increase Ghana’s leverage in the global precious metals market, further supporting the long-term strength of the national currency.
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