This marked a significant reversal from the 13.4 per cent depreciation observed in the same period of 2024, he said.

Speaking at the inauguration of the governing board of the GoldBod in Accra, the Minister acknowledged that the cedi appre­ciation rally stems from a robust policy framework, underpinned by synchronised monetary and fiscal measures, as well as a favourable global context.

He noted that, the Central Bank in collaboration with MoF has adopted a stringent monetary policy, complemented by aggressive liquid­ity sterilisation, whilst the ministry had implemented a disciplined fiscal stance anchored around prudent public finance management.

“Bolstering these efforts, en­hanced foreign exchange inflows from gold, cocoa, and remittances, alongside a softening US dollar amid global uncertainties, have sig­nificantly driven the strength of the Ghana cedi,” the minister added.

However, he stated that the unprecedented performance of the cedi had not come at the cost of the country’s safety net, explaining that, “our foreign exchange reserves at the Bank of Ghana reached a re­cord-high in April 2025, surpassing targets set under the IMF-supported programme ahead of schedule.”

Furthermore, Dr Forson said the activities of the GoldBod stand to further strengthen the cedi perfor­mance, stating that it would change how both the Ghana cedi and Gha­na’s foreign exchange accumulation would behave in the future.

The minister stated that the GoldBod was a government flag­ship initiative aimed at revitalising the country’s economy.

“The GoldBod is a vehicle for achieving currency stability through the structured purchasing and man­agement of Ghana’s gold resourc­es,” he noted.

Even though, as Africa’s leading gold producer, Ghana derives sub­stantial foreign exchange earnings from gold, however, the benefits accrued from this valuable mineral remain minimal, often coming at a steep environmental cost.

Historically, he said revenues from gold had been confined to traditional sources such as royalties and taxes, while the economy had not realised the full benefit of gold resources in the country, adding that “the time has come for Ghana to expand beyond royalties and taxes by harnessing the entire value chain of gold.”

“To achieve this, we must opti­mise every stage of the value chain from extraction to refining, value addition and marketing, both locally and internationally,” he asserted.

Dr Forson said the previous fragmented, uncoordinated and unregulated system of the Precious Minerals Marketing Company (PMMC) led to widespread gold smuggling and deprived the state of much-needed foreign exchange.

“All of this now belongs in the past, because the Ghana GoldBod is the now the sole buyer and assayer of gold, with exclusive mandate to grant license to engage in the trade of Gold from Ghana’s small-scale mining sector,” he noted.

Therefore, the Minister assured the general public and stakehold­ers that the outlook for the cedi remained robust and sustainable, supported by the transformative activities of the Goldbod.

This, he urged the newly-con­stituted Board to work hard to support and sustain this trajectory.