By Godwill Arthur-Mensah
Accra, March 29, GNA – Ghana’s Parliament has passed the Act establishing the Ghana Goldboard to monitor the buying and selling of gold and accumulate sufficient forex to stabilise the Cedi.
Finance Minister Dr Cassiel Ato Forson while justifying the objectives for establishing the Goldboard on the floor of Parliament, in Accra, said the Goldboard would be able to buy three tonnes of gold per week and bring in foreign exchange worth $250 million per week.
“Ghana will be able to accrue up to $12 billion worth of foreign exchange to enable the Central Bank to build up forex reserves to cover the necessary imports,” Dr Forson stated.
Government has allocated GHS4.6 billion in this year’s budget as a seed capital for smooth take off of the Goldboard.
The National Democratic Congress (NDC) during the 2024 electioneering campaign promised to set up the Goldboard to aid in stabilising the local currency and accumulate foreign exchange to fortify the economy against potential external shocks.
The Finance Minister indicated that the establishment of the Goldboard would enable the nation to build sustainable forex, stabilise the Cedis and create jobs for the teeming Ghanaian youth.
Dr Forson noted that Ghana was not the first country in the world to set up the Goldboard as Guyana in South America established its Goldboard in 1971.
Mr Isaac Adongo, the Chairman of Parliament’s Finance Committee, on his part, said the Goldboard would formalise government’s involvement in the purchase of gold from small-scale miners and increase Ghana’s gold export.
Ghana is the leading producer of gold in Africa and sixth in the world.
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