Gold Behind the Glory: How Ghana’s Cedi Became the World’s Best-Performing Currency

2025年，全球货币在通胀、债务和地缘政治动荡的余波中挣扎时，一种非洲货币却出人意料地逆势上扬：加纳塞地。兑美元汇率上涨近50%，不仅成为非洲表现最好的货币，更是全球表现最佳的货币之一！在这一惊人逆袭的背后，有一个意想不到的关键因素：黄金。而推动这一黄金战略的核心，正是加纳新设立的国家机构——加纳黄金委员会（GoldBod）。

货币重生

2025年初，加纳塞地迅速走强。到5月，年初至今已上涨超过42%；到6月，据报道整体反弹接近50%，几乎扭转了2022至2023年期间成为全球最弱货币之一的惨痛局面。这一次，全球市场都在关注并发问：为什么？

答案在于宏观经济纪律与大胆创新的结合，尤其是加纳果断依赖其最可靠的自然资产——黄金。

GoldBod：战略转折点

2025年1月，加纳政府成立了“加纳黄金委员会”（GoldBod），这是一个监管机构，负责监督并规范大规模和小规模矿工的黄金销售。该机构的设立不仅旨在整顿行业秩序，更意在通过国内黄金资源支持国家经济，尤其是稳固塞地。

2025年4月，加纳与包括纽蒙特在内的九家黄金生产商签署协议，要求它们将20%的产量在国内销售。这一国家控制的黄金流通体系，使加纳央行能够增加黄金储备，减少对美元进口的依赖——尤其是在已终止的“以金换油”计划下。

截至2025年2月，加纳的黄金储备已增长至30.8吨，而2022年仅为8.8吨；外汇储备总额达到94亿美元。同时，黄金出口猛增：2024年加纳黄金出口创收116亿美元，同比增长53%；仅2025年前四个月就已实现27.3亿美元出口额。

从“以金换油”到“以金稳汇”

颇受争议的“以金换油”计划（2022–2025）虽构思新颖—通过黄金换取燃油以降低美元需求—但执行过程中问题频出，最终于2025年3月结束。

不过，这一核心理念—用黄金对冲外汇依赖—却保留了下来。

如今通过GoldBod与加纳央行的黄金购买计划进行重塑，该政策已转变为“以金备储”战略。这使加纳可以用黄金而非美元构建外汇缓冲区，从而拥有更多货币主权，并抵御外部冲击。

随着国际金价持续走高，这一战略收效显著—尤其是在其他依赖大宗商品的经济体因价格波动而受挫的年份中。

规范“小矿工”，整合“大价值”

GoldBod的一项重要职能是规范小规模采矿行业的非正规行为，该行业贡献了加纳超过30%的黄金产量。通过设立官方收购渠道与价格透明机制，GoldBod有效减少了走私行为，增加了可追溯出口，使更多黄金通过官方途径流通—直接利好国家财政和塞地币值。

更宏观的视角

当然，黄金并不是唯一推动因素。加纳央行维持了紧缩的货币政策，基准利率维持在27%至28%；同时，政府也在继续执行其300亿美元IMF改革计划。这些因素，加上投资者信心回升，共同助力塞地走强。

但加纳真正的独特之处，在于它能将自然资源转化为战略性金融资产—不仅仅是开采它，而是科学管理它。

非洲的“黄金”榜样？

加纳以黄金支撑货币的模式，或许能为其他资源丰富的发展中国家提供借鉴。与其快速出口原材料换取外汇，不如探索保值增值、提升储备、加强宏观稳定的方式，通过资源支持型金融策略实现更高层次的发展。

当然，风险依然存在—过度依赖黄金、市场价格波动、改革持续性等挑战仍需面对。但至少目前，数据已足够有力。

加纳不仅仅是挖掘黄金，而是用黄金打造出更强劲的货币、更高的信心，以及一个全球无法忽视的发展故事。

In 2025, as global currencies battled the aftershocks of inflation, debt, and geopolitical turbulence, one African currency defied expectations: the Ghanaian cedi. With a nearly 50% surge against the US dollar, it wasn’t just Africa’s best-performing currency — it was the worlds! Behind this remarkable comeback lies an unlikely hero: gold. And at the heart of that gold strategy is Ghana’s new state-backed institution — the Ghana Gold Board (GoldBod).

A Currency Reborn

From the start of 2025, Ghana’s cedi began climbing — fast. By May, it had appreciated over 42% year-to-date, and by June, reports showed a total rebound of nearly 50%, reversing much of the pain seen in 2022–2023 when the cedi was one of the world’s worst-performing currencies. This time, global markets were watching — and asking: how?

The answer lies in a blend of macroeconomic discipline and bold innovation, particularly Ghana’s decision to lean on its most trusted natural asset: gold.

GoldBod: The Strategic Turnaround

In January 2025, the Ghanaian government launched the Ghana Gold Board (GoldBod), a regulatory body tasked with overseeing and formalizing gold purchases from both large-scale and small-scale miners. The Board was designed not just to clean up the sector, but to leverage domestic gold to support the national economy — especially the cedi.

In April, Ghana signed deals with nine more gold producers, joining Newmont and other majors, requiring 20% of their output to be sold domestically. This state-controlled gold stream allowed the Bank of Ghana to boost its reserves and reduce reliance on the dollar for critical imports — particularly under the now-discontinued Gold-for-Oil initiative.

By February 2025, Ghana’s gold reserves had grown to 30.8 tonnes, up from 8.8 tonnes in 2022, and gross foreign reserves stood at $9.4 billion. At the same time, gold exports surged: Ghana earned $11.6 billion in gold in 2024, a 53% increase from the year before. In just the first four months of 2025, it had already brought in $2.73 billion.

From Gold-for-Oil to Gold-for-Stability

The much-discussed Gold-for-Oil program (2022–2025) had a rocky run. Though innovative in design — swapping gold for fuel to reduce dollar demand — it suffered operational hiccups and ended in March 2025.

But the core idea — using gold to offset foreign exchange dependency — survived.

Now rebranded through GoldBod and the Bank of Ghana’s gold purchase program, the policy has transitioned into a “Gold-for-Reserves” strategy. This allows the country to build foreign exchange buffers in gold rather than USD, offering more control and insulating the currency from external shocks.

As global gold prices remained strong, this strategy paid off handsomely — especially in a year when other commodity-backed economies struggled with price volatility.

Formalizing the Informal

One of GoldBod’s most important functions is tackling informality in the small-scale mining sector, which accounts for over 30% of Ghana’s total gold output. By offering formal purchase pathways and price transparency, GoldBod has helped reduce smuggling, increase traceable exports, and ensure more gold flows through official channels — directly benefiting the state and the cedi.

The Broader Picture

Of course, gold isn’t working alone. Ghana’s central bank has maintained a tight monetary policy, holding the interest rate at 27–28%, while the government continues reforms under its $3 billion IMF program. These factors, combined with improved investor confidence, have all contributed to the cedi’s rise.

But what makes Ghana unique is its ability to turn a natural resource into a strategic financial asset — not just by mining it, but by managing it wisely.

A Golden Model for Africa?

Ghana’s gold-backed currency stabilization may offer lessons for other resource-rich economies. Rather than exporting raw commodities for quick cash, countries can explore ways to retain value, boost reserves, and reinforce macroeconomic stability through smart resource-backed finance.

There are still risks — including the possibility of overreliance on gold, shifting market prices, or operational challenges in sustaining reform. But for now, the numbers speak for themselves.

Ghana didn’t just mine gold. It used it to build a stronger currency, greater confidence, and a story the world can’t ignore.