Member of Parliament for Ekumfi, Kwainoe Ekow Othniel, has commended the Ghana Gold Board (GoldBod) for its significant contribution to the country’s foreign exchange market, describing its role as both “long overdue” and “transformational.”
In an interview on Channel One Newsroom on Wednesday, May 21, the MP—who also serves on Parliament’s Trade, Industry, and Tourism Committee—noted that GoldBod’s activities have notably strengthened the performance of the Ghanaian Cedi.
According to him, the board has sold approximately $2.7 billion worth of gold within just four months, a feat he described 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. 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 said.
He emphasized the importance of such interventions in stabilizing the economy, especially in a context 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.
