Finance Minister Dr. Cassiel Ato Forson has credited the recent stability of the Ghana cedi to the successful launch of the Ghana Gold Board, pushing back against suggestions that the gains are due to cuts in government spending.
Speaking during the parliamentary debate on the Energy Sector Levy Amendment Bill, 2025, Dr. Forson revealed that in just its first month of operation, the Ghana Gold Board purchased 11.4 tonnes of gold, raking in $1.2 billion for the Bank of Ghana.
He said the central bank will use these funds to boost reserves and intervene in the currency market when necessary.
“For the first month of operation of the Ghana Gold Board, for the month of May, they were able to buy 11.4 tonnes of gold, which brought in $1.2 billion that has gone to the central bank,” he said. “The central bank will use this to build enough reserves to intervene for the currency to be strong.”
He assured Ghanaians that the local currency will hold firm, promising a continuation of the positive trend. “The Ghana cedi will remain strong. The Ghana cedi is doing well, and this trajectory will continue.”
Dr. Forson also rejected claims that the stability was a result of austerity, calling such claims “false and misleading.” Instead, he highlighted a broader strategy aimed at economic recovery and social relief.
“We mean well—prices have fallen, inflation is coming down, we can see prices of goods coming down daily. This will continue, and so, you should be happy. I stand by my promise to deliver low prices, a stable cedi, and good jobs for the people of Ghana,” he added.
His comments come amid ongoing debates over the newly introduced GHS1.00 per litre fuel levy and Ghana’s broader strategy for managing its energy and financial challenges.
