The Ghana Mining Expo Foundation has marked its sixth anniversary, highlighting its advocacy for policies aimed at strengthening Ghana’s mining sector and supporting economic stability. Founder and President of the Foundation, Dr Steven-Blessing Ackah, said the organisation was established with support from the Office of the President, the Economic Management Team, the Western Regional Coordinating …
Ghana Mining Expo Foundation marks six years, highlights role in gold reserve policy
The Ghana Mining Expo Foundation has marked its sixth anniversary, highlighting its advocacy for policies aimed at strengthening Ghana’s mining sector and supporting economic stability.
Founder and President of the Foundation, Dr Steven-Blessing Ackah, said the organisation was established with support from the Office of the President, the Economic Management Team, the Western Regional Coordinating Council, and the Monaco Ghana Business Council to promote initiatives that link mining development with broader economic growth.
According to him, since its establishment on March 8, 2020, the foundation has worked to bridge the gap between high-level policy discussions and practical engagements within the mining industry.
Dr. Ackah noted that one of the foundation’s major advocacy efforts was encouraging the Bank of Ghana (BoG) to increase its gold reserves through the Domestic Gold Purchase Programme (DGPP). He said the initiative contributed to strengthening the country’s foreign reserves and supporting the stability of the Ghanaian cedi during the recent economic challenges.
He argued that without the accumulation of gold reserves, the local currency could have depreciated further beyond the nearly GH¢17 to the US dollar recorded in early 2024. He added that the gold-backed reserves helped stabilise the cedi to around GH¢14 by late 2024.
Dr. Ackah also indicated that Ghana’s Gross International Reserves reached approximately $13.8 billion, equivalent to about 5.7 months of import cover by March 2026, a development he believes was supported by the domestic gold purchase strategy.
He further suggested that the strengthened reserves made it possible for the government to implement initiatives such as the Gold-for-Oil programme, which aimed to reduce pressure on foreign exchange reserves and stabilise fuel prices.
The foundation also argued that promoting a formal domestic gold market has helped address gold smuggling, which previously resulted in significant revenue losses to the country.
Dr. Ackah said the organisation would continue to promote policies aligned with international best practices to ensure that Ghana’s mineral resources contribute more effectively to national economic development.
He emphasised that collaboration between policymakers, industry players, and researchers remains essential for achieving long-term economic stability and sustainable growth in Ghana’s mining sector.
