A group of African finance ministers has formally endorsed Ghana’s GoldBod model, praising it as a strategic innovation in leveraging natural resources to strengthen national economies and reduce dependency on external borrowing.
The endorsement came during a high-level economic forum held in Addis Ababa, Ethiopia, where Ghana’s Finance Minister presented the GoldBod framework to fellow African policymakers and international financial institutions.
The GoldBod (Gold-Backed Development) model is a Ghanaian initiative designed to use the country’s gold reserves to back domestic investments, enhance financial stability, and provide an alternative to foreign-denominated loans. It aims to create a more sustainable and self-reliant approach to development financing, particularly for resource-rich countries.
Finance ministers from several African nations — including Nigeria, Tanzania, and South Africa — commended the initiative and expressed interest in adapting similar models to suit their national contexts. They noted that the GoldBod approach could serve as a continental blueprint for managing natural wealth and reducing debt vulnerabilities.
Ghana’s model has already begun attracting attention from multilateral financial institutions, with discussions ongoing about possible technical support and partnerships.
Economists have hailed the GoldBod concept as a bold step toward African financial independence, though they caution that its success will depend on transparent governance, strong regulatory frameworks, and prudent fiscal management.
The endorsement marks a significant vote of confidence in Ghana’s leadership on economic innovation within the continent, as African nations increasingly explore homegrown solutions to structural economic challenges.
