Dr Ato Forson, Ghana’s Minister of Finance (L) and Dr Sidi Ould Tah, AfDB President
African finance ministers have identified Ghana’s GoldBod model as a transformative framework for harnessing natural resources to drive economic growth across the continent.
The endorsement came during a high-level meeting in Washington, DC, on the sidelines of the 2025 IMF/World Bank Annual Meetings, where finance ministers from Liberia, Sierra Leone, The Gambia, Sudan and Ghana met with the President of the African Development Bank (AfDB), Dr Sidi Ould Tah.
During discussions on Africa’s development agenda, Ghana’s approach to natural resource governance stood out as a model of innovation and accountability.
The ministers commended the Ghana Gold Board (GoldBod) for demonstrating how a resource-dependent economy can translate its mineral wealth into macroeconomic stability and sustainable development.
The ministers noted that Ghana’s model represents a significant departure from decades of extractive industry practices that yielded limited benefits for African economies.
By establishing GoldBod as a centralised body to regulate and manage gold trading, Ghana has strengthened its capacity to retain value from its gold resources, stabilise the exchange rate and support key national priorities.
“Ghana has shown that with effective institutional reforms and transparent oversight, natural resources can serve as an engine for broad-based development rather than dependency,” myjoyonline.com quoted one of the ministers to have said.
Several countries within the AfDB constituency expressed strong interest in replicating aspects of the GoldBod framework to improve resource governance, enhance transparency and increase domestic value retention, the report added.
They agreed that building similar mechanisms across the continent could empower African nations to better negotiate with multinational companies and ensure that mineral wealth directly benefits citizens.
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The Ghana Gold Board (GoldBod) is the sole authority mandated to buy, sell, weigh, grade, assay, value, and export gold and other precious minerals.
Operating under the supervision of the Ministry of Finance, the institution plays a central role in regulating Ghana’s gold sector, promoting ethical trading practices, and ensuring that the exploitation of mineral resources aligns with national development goals.
Ghana’s success with GoldBod has positioned it as a leader in resource-led economic management, offering a blueprint for other African nations seeking to transform their natural resource sectors into sustainable pillars of growth.
AM/AE