GoldBod Filling Critical Forex Gap, Boosting Cedi Stability – Ekumfi MP

The Member of Parliament for Ekumfi, Kwainoe Ekow Othniel, has lauded the Ghana Gold Board (GoldBod) for its pivotal role in bridging a critical gap in the country’s foreign exchange market.

Describing its contribution as both “long overdue” and “transformational,” the MP commended GoldBod’s significant impact on stabilizing the Ghanaian Cedi.

In a recent interview, Dr. Othniel highlighted the board’s impressive feat of selling approximately $2.7 billion worth of gold within a mere four months, a remarkable achievement that he characterized as unprecedented.

“With the coming in of GoldBod, as it were, they are playing a role which has eluded Ghana for a very long time,” he observed. “I think that role they are playing is going to help us in terms of foreign exchange accumulation for the reserves, like we have seen.”

He emphasized the importance of such interventions in stabilizing the economy, particularly in contexts where access to foreign exchange directly affects importers, manufacturers, and traders.

“Being able to sell about 2.7 billion in about four months is unprecedented, and that gives you the sort of punchline that to be able to intervene in the market so that when traders who need to buy FX, need to buy FX, it is readily available,” he added.

He added that, by injecting liquidity into the foreign exchange market, GoldBod’s efforts have provided a much-needed boost to Ghana’s economic stability. The MP’s sentiments underscore the significance of the board’s role in shaping the country’s economic trajectory.