GoldBod does not generate revenue for govt – Finance Minister

SearchNewsBusinessAround AfricaShowbizWorldSportsRadioSearchNewsBusinessAround AfricaShowbizWorldSportsRadioGoldBod does not generate revenue for govt – Finance Minister10th November 2026 1:41:46 PM

Twitter | Facebook | WhatsApp | Copy LinkFinance Minister, Dr Cassiel Ato Forson, has clarified that the Ghana Gold Board (GoldBod) does not generate revenue for the government or the Ministry of Finance.

He explained that the government's finances are primarily supported by direct taxes, indirect taxes and non-tax revenue, rather than proceeds from GoldBod.

Dr Ato Forson clarified an interactive engagement with students and members of the university community at the Kwame Nkrumah University of Science and Technology (KNUST), where he also addressed concerns about funding for the government's New Economy Programme.

The Finance Minister said the government would not rely on external borrowing to finance the programme, which is expected to mobilise at least US$13 billion between 2027 and 2030.

The New Economy Programme is one of the Mahama administration's flagship initiatives. It is a four-year economic transformation plan aimed at shifting Ghana from an import-dependent economy to one driven by local production, industrialisation and value addition.

It also seeks to promote private-sector-led job creation.

Explaining the funding arrangement, Dr Ato Forson said the programme would be financed through domestic revenue and savings from fiscal consolidation.

He said the government plans to allocate 0.5% of GDP from its revenue and reduce the primary surplus target from 1.5% to 0.5% of GDP to create the fiscal space needed for the programme.

On the country's debt position, Dr Ato Forson reaffirmed the government's commitment to reducing public debt to 45% of GDP by 2028.

He pointed to Ghana's primary balance performance, noting that the country recorded a surplus of 2.5% of GDP in 2025, with a further 1.5% projected for 2026.

According to him, the two surpluses are expected to contribute to a reduction in public debt equivalent to about 4% of GDP.

However, the government plans to reduce the annual debt reduction target to 0.5% of GDP from 2027 to create room for investments under the New Economy Programme.

Dr Ato Forson said the approach would allow the government to pursue its economic transformation agenda while keeping public debt on a declining path.