A new economic paper examining the Ghana Gold Board (GoldBod) has concluded that the institution could fundamentally reshape Ghana’s macroeconomic framework if managed with discipline, transparency, and a clear policy mandate.
The study positions GoldBod not as a commercial gold trader, but as a state-led economic coordination mechanism aimed at correcting market failures that have historically undermined the country’s gold sector. These failures include fragmented purchasing systems, weak oversight of artisanal mining, capital flight, and persistent foreign exchange losses.
The report is authored by Prof. Festus Ebo Turkson and Peter Junior Dotse of the Department of Economics, University of Ghana, and Prof. Agyapomaa Gyeke-Dako of the Department of Finance, UGBS, University of Ghana.
According to the paper, Ghana’s status as Africa’s leading gold producer has not translated into proportional macroeconomic benefits, largely because foreign exchange earnings have been poorly captured and inconsistently retained. GoldBod’s centralised export model, the analysis notes, directly addresses this challenge by ensuring that gold proceeds flow through the formal financial system.
The study further links GoldBod’s operations to broader development outcomes. By stabilising foreign exchange inflows, the institution supports lower inflation, improved import capacity, and greater certainty for businesses reliant on foreign currency. These effects, the paper argues, have positive spillovers for employment, industrialisation, and investor confidence.
In the artisanal and small-scale mining (ASM) sector, the analysis describes GoldBod as a governance innovation capable of balancing economic inclusion with regulatory control. By integrating small-scale miners into a transparent national purchasing system, GoldBod reduces criminality, enhances environmental oversight, and improves labour standards within the sector.
However, the paper cautions that GoldBod’s success is not automatic. It stresses the need for strong institutional independence, robust compliance systems, and a clear separation between political authority and operational management.
The study concludes that if these safeguards are maintained, GoldBod could serve as a model for resource-rich African economies seeking to convert natural wealth into macroeconomic stability rather than cyclical volatility.
