Ghana gained more than $1.1 billion in foreign exchange during the first full month of operations under the Goldbod gold purchase program, according to Finance Minister Dr. Cassiel Ato Forson.
A significant turning point in the nation’s attempts to stabilize the cedi and increase local involvement in the gold trade is the influx, which was produced by the purchase and export of more than 11 tons of gold.
The news was delivered by Dr. Forson at the Minerals Income Investment Fund’s (MIIF) new board of directors’ inauguration in Accra.
In order to assist in generating long-term value from Ghana’s mining resources, he asked the newly appointed board to build on the progress achieved under Goldbod.
“This is a clear demonstration of the value that can be realised when our mineral wealth is properly structured and managed. MIIF must align with this new vision,” the Minister said.
He issued a challenge to the newly appointed board to restore the Fund to its primary purpose of transparent and prudent mineral investment.
He pointed out that MIIF experienced serious mismanagement from 2019 to 2024, which led to the government cutting off funding.
“We saw significant abuse of public resources. That era must not be repeated. If the board restores discipline and puts resources to proper use, the government will reconsider its stance,” Dr. Forson stated.
He also disclosed plans to work with Goldbod and MIIF to strengthen Ghana’s gold holdings and broaden the gold purchase program.
Dr. Forson promised a fresh crackdown on mineral smuggling as part of broader sector changes, promising tighter oversight to make sure that no valuable material leaves the country without due process and benefit to the state.
Mr. Richard Kwame Asante is the chair of the recently established MIIF board. Ms. Justina Amiorkor Nelson, Ms. Berl Yaa Asantewaa Asante, Ms. Mawusi Ama Mawuenyefia, Hon. Alfred Okoe Vanderpuije, Hon. Yakubu Mohammed, Mr. Robert Wisdom Cudjoe, Mr. Edward Appenteng Gyamerah, and Dr. Zakaria Mumuni are among the other members.
Speaking on behalf of the board, Mr. Asante vowed to restore public trust in MIIF and make sure that its activities complement Ghana’s national development agenda.
Source: newsthemegh.com