The Importers and Exporters Association of Ghana (IEAG) today paid a courtesy visit to the Ghana Gold Board (Goldbod) to congratulate its newly appointed Chief Executive Officer, Mr. Sammy Gyamfi, and to reaffirm its support for Goldbod’s ongoing efforts to bolster the Ghanaian cedi against major international currencies.
“Mr. Gyamfi’s appointment is a testament to his expertise, leadership qualities, and proven track record in the sector,” said IEAG’s Executive Secretary, Mr. Samson Asaki Awingobit. “Under your guidance, we are confident that Goldbod will play an even more impactful role in stabilizing our currency through innovative gold-related initiatives.” MyJoyOnline
Goldbod’s Mandate and Recent Achievements
Established to harness Ghana’s gold resources for economic stability, Goldbod has spearheaded a centralized trading approach—mopping up locally produced gold, curbing smuggling, and ensuring that foreign exchange from gold sales flows directly into the Bank of Ghana.
- Record Purchases: From January to April 2025, Goldbod procured over 30 tonnes of gold, bringing in more than US$2.7 billion in foreign currency. These volumes have risen consistently month-on-month, from 6 tonnes in January to 9.2 tonnes in April—testament to the success of the new centralized model.
- Forex Liquidity: By channelling all proceeds through the Bank of Ghana, Goldbod has alleviated foreign exchange shortages, contributing to the cedi’s appreciation against the US dollar without depleting central bank reserves.
“We remain committed to implementing robust strategies that support the local currency,” Mr. Gyamfi stated. “Our interventions—from strengthening oversight to enhancing collection networks—will sustain the cedi’s appreciation and fortify Ghana’s macroeconomic stability.” MyJoyOnline
Why Gold Matters for the Cedi
Gold exports account for a significant portion of Ghana’s foreign exchange earnings. By centralizing purchase mechanisms, Goldbod has:
- Improved Transparency: Reducing leakages and smuggling through stringent regulatory oversight.
- Enhanced Efficiency: Streamlining processes to accelerate payment remittances to traders and the Bank of Ghana.
- Stabilized Currency: Increasing forex supply to meet import needs and dampen excessive volatility in exchange rates.
IEAG’s Call for Continued Collaboration
IEAG underscores that sustainable currency stability requires close cooperation between trade bodies, financial institutions, and regulatory agencies.
- Ongoing Dialogue: IEAG pledges to maintain active engagement with Goldbod and the Bank of Ghana to monitor gold-for-forex flows and advocate for policies that further ease trading conditions for importers and exporters.
- Industry Support: The Association calls on all stakeholders—mining companies, small-scale miners, and registered gold dealers—to fully comply with Goldbod’s trading framework to maximize collective benefits.
“Our joint efforts are crucial,” Mr. Awingobit concluded. “By working hand-in-hand, we can ensure that Ghana’s gold endowment continues to underpin a strong and resilient cedi, driving growth for businesses and consumers alike.”
