The Institute of Economic Research and Public Policy (IERPP), a prominent and respected think-tank has criticized the attribution of gold reserves’ growth to the entablement of the Gold Board.
In a press briefing held in Accra, Dr. Kwasi Nyame-Baafi, a Senior Research Fellow at IERPP, presented a meticulous analysis that calls into question the government’s narrative.
“How can the finance minister be bold enough to say that the current exports that we are seeing of $11.2 billion is due to the Ghana Gold Board, therefore, we should clap for the government for establishing the Ghana Gold Board?”
Dr. Kwasi Nyame-Baafi,
“This has got nothing to do with the gold board, unless you tell me that probably maybe because Ghana is one of the top exporters of gold, so are also determining prices of abroad, which is not the case,” Dr. Baafi asserted, drawing attention to the significant increase in gold exports even before the establishment of the GoldBod.
IERPP’s Role in Responsible Governance
The Institute of Economic Research and Public Policy has long been recognized as a respected voice in public policy and economic analysis for transparent, accountable, and responsible governance.
As an independent think tank, IERPP own a track record of providing objective analysis and evidence-based recommendations to policymakers i.e government, industry players, and the general public.
The institute’s involvement in the 2026 budget statement and economic policy once again underscores its commitment to ensuring that public discourse and decision-making are grounded in factual information, rather than political rhetoric or vested interests.
By scrutinizing the government’s claims and highlighting the nuances in the data as contained in the budget, IERPP aims to foster a more informed and balanced understanding of the dynamics driving the country’s gold exports.
Uncovering the True Drivers of Gold Exports
Dr. Baafi’s presentation delved deep into the Bank of Ghana’s own summary and statistics data, painting a markedly different picture than the government’s narrative.
The data disclosed that even before the establishment of the Gold Board, Ghana’s gold exports had experienced a significant upward trajectory.
According Dr. Baafi, in January 2020, gold exports were valued at around $500 million. By August 2020, the figure had already reached $4.3 billion, and by December 2024, it had soared to $10.3 billion, all under the previous PMMC system and not the newly calved GoldBod.
Furthermore, he highlighted the crucial role played by the global increase in gold prices, which saw a 27.3% rise between January and August 2025.
“Is international gold prices an intervention or implementation of this government? Is international gold prices determined by us? No,” Dr. Baafi emphasized.
Objective and Transparent Assessments
The IERPP’s challenge to the government’s claims underscores the importance of objective, data-driven analysis in the country’s precious minerals trade.
While the sector continues to evolve, it is crucial that policymakers, industry stakeholders, and the public have access to reliable information that allows for informed decision-making and constructive discourse.
Through questioning the government’s narrative and delving into the underlying factors driving Ghana’s gold exports, the IERPP again demonstrates its continued commitment to promoting responsible governance and evidence-based policymaking.
As the Gold Board and Bank of Ghana navigate the complexities of the modern landscape, the role of independent think-tanks like the Institute Economic Research and Public Policy (IERPP) will remain vital in shaping the trajectory of the sector and ensuring the country’s natural resource wealth benefits all Ghanaians.
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