Ghana's national Gold Board, GoldBod, spent US$9.8 billion on gold purchases in 2025. This significant expenditure occurred during the period from January to December 2025. This amount is part of a larger total of US$16.1 billion spent on gold between January 2025 and May 2026.
Deputy Finance Minister Thomas Ampem Nyarko announced these figures to Parliament on Wednesday, June 24. He stated that a large portion of the spending happened in 2025. This spending is a result of the government's new policy direction. This policy moves Ghana away from an unregulated gold system to a more organised one. The government aims to manage Ghana's gold wealth better and prevent its underpricing and smuggling.
This initiative fits into Ghana's broader economic strategy to maximise returns from its natural resources. Historically, Ghana has faced challenges with illegal gold mining, known as 'galamsey,' and informal gold trading. These issues often lead to revenue losses for the state. The establishment and operations of GoldBod, therefore, represent a concentrated effort to formalise the gold sector. This structure promotes transparent aggregation, assaying, refining, and exporting of the precious metal. The goal is to bring visible and tangible economic benefits to the entire nation through increased foreign exchange and national reserves.
Deputy Finance Minister Thomas Ampem Nyarko told Parliament, “Mr. Speaker, from January 2025 to May 2026, the Gold Board expended approximately $16.1 billion on the purchase of gold, of which $9.8 billion was used between January and December 2025.” He also stressed that Ghana is deliberately shifting from a regime where gold wealth was dispersed, underpriced, and smuggled. The new framework ensures that gold is properly accounted for across its entire value chain. This will lead to benefits for the national economy.
Going forward, this large-scale gold purchasing by GoldBod is expected to impact Ghana's foreign exchange reserves positively. It could also stabilise the Ghana cedi by increasing supply of foreign currency. Decision-makers will closely watch how GoldBod's operations affect informal gold markets and regulatory compliance. The government's collaboration with the National Anti-Illegal Mining Operations Secretariat will be crucial in tackling illegal mining. Effective implementation of this strategy is key to securing Ghana's economic sovereignty and ensuring sustained benefits from its gold resources.