Parliamentary Committee Backs GoldBod’s Role in Stabilizing Cedi
The Parliamentary Select Committee on Economy and Development has thrown its weight behind GoldBod, praising the state gold trading company for helping to stabilize the cedi and boost Ghana’s foreign exchange reserves.
The commendation came during a working visit by Committee members to GoldBod’s offices, where they assessed the company’s operations, including gold purchases, exports, and contribution to the national economy.
According to the MPs, GoldBod has played a key role in increasing dollar inflows at a time when global economic pressures and volatile commodity prices have put strain on the local currency. The Committee noted that by buying gold directly from miners and selling on the international market, GoldBod is helping to retain more value in Ghana and reduce reliance on external borrowing.
“GoldBod is proving to be a strategic tool for forex generation and cedi stability,” one Committee member said. “We need institutions like this to anchor our economy against external shocks.”
During the briefing, GoldBod officials outlined key challenges facing the sector. These include gold smuggling across borders, sharp price volatility on the world market, and the urgent need for better traceability to meet international compliance standards. Officials also stressed the importance of formalizing small-scale mining to bring more artisanal miners into the regulated system.
The Committee pledged legislative support to strengthen GoldBod’s mandate. MPs said they would push for policies that improve oversight, increase funding for operations, and create incentives for small-scale miners to sell through official channels instead of the black market.
The visit comes just days after the government signed a $250,000 deal with the World Gold Council to improve gold traceability in Ghana. The partnership is expected to introduce digital tracking systems that will make it easier to verify the origin of Ghanaian gold and meet responsible sourcing requirements from buyers in Europe and North America.
Analysts say combining parliamentary oversight with international partnerships could position Ghana as a leader in responsible gold production on the continent. They note that a credible, transparent gold trade can attract more investment and improve the country’s credit rating.
The Committee’s findings from the visit will feed into the upcoming mid-year budget review and inform future mining policy. Lawmakers say they will prioritize reforms that protect the environment, increase government revenue, and ensure local communities benefit from mining.
With gold prices remaining strong globally, GoldBod’s expanded role could be critical to Ghana’s economic recovery plans in the second half of 2026.
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