Dr. Theo Acheampong, a technical advisor at the Ministry of Finance, emphasized the Ghana Gold Board's role in increasing foreign currency flow into formal banking, which has contributed to stabilizing the Ghanaian cedi. On Channel One TV's The Point of View, he noted that before these policies, much of the foreign exchange from the artisanal and small-scale mining sector bypassed the formal banking system.
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‎Based on a thorough analytical approach, it is estimated that the proportion of gold dollars from the ASM sector entering formal banking is around 20 to 30 percent. The significant change lies in the policy efforts to compel the sector to transfer these dollars into formal channels through GoldBod, directing funds ultimately to the central bank, highlighting the importance of this initiative.
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‎GoldBod stated on January 5 that purchasing ASM gold at spot prices has been integral to the Gold-for-Reserves (G4R) program since its launch in 2022.
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‎Dr. Acheampong emphasized the importance of GoldBod-linked measures in stabilizing the cedi, suggesting that reliance solely on the IMF reforms would have left the currency considerably weaker, likely ending the year at a much lower exchange rate than GHS10.45 or GHS10.5.
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‎Dr. Acheampong argues that without the IMF reforms, the Ghanaian cedi would have depreciated significantly, potentially ending the year at a much worse exchange rate than GHS10.45. He supports this by referencing the IMF's assessment, which notes the Bank of Ghana's active role in foreign exchange management and improved payment inflows.
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‎According to an IMF assessment, the Bank of Ghana (BoG) has been actively managing the foreign exchange (FX) market, enhancing its involvement as an intermediary due to increased payment inflows. A significant source of these inflows has been the domestic gold purchase program, along with contributions from cocoa and repatriation efforts.
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‎GoldBod emphasized that the experience illustrates the connection between non-competitive purchase prices and heightened smuggling, supporting the need to maintain spot-price purchases to formalize the ASM sector and safeguard national reserves.