By Saani Mohammed, An analyst
After a long period of political skepticism, economic stagnation, and pressures, Ghana seems to have achieved what few expected: a strong and sustained recovery of the Ghanaian cedi, built not on borrowed money or empty promises, but on the bold establishment of a new gold policy regime through the Ghana Gold Board (GoldBod).
The impact has been swift, decisive, and Market-transforming. It stands today as a case study of how innovative, fearless leadership can chart a path to economic sovereignty, even in the most turbulent waters.
However, this success should not be the end it must be the beginning. As Ghana’s economic future remains exposed to internal inefficiencies and external shocks, now is the time to replicate the Gold Board model across other high-potential but underutilized sectors. One such sector is Shea.
The case for a Ghana Shea Nut Board, Shea Board is economically sound, strategically urgent and long overdue.
The “GoldBod” Model: A Masterstroke in Economic Strategy Before “GoldBod”, Ghana’s gold ecosystem particularly the artisanal and small-scale mining (ASM) sector—was fragmented, loosely regulated, and often exploited by unlicensed foreign buyers who drained the country of valuable foreign exchange. Despite high global gold prices, much of Ghana’s gold wealth failed to support domestic economic stability.
This dramatic change experienced after the newly elected government passed the Ghana Gold Board Act, 2025 (Act 1140), which established the “GoldBod” as the sole legal aggregator, trader, and exporter of ASM gold, immediately impacted the economy and achieved the following;
- Restriction on foreign buyers purchasing gold locally.
- Large-scale producers have been mandated to sell a portion of their output to the
“GoldBod”.
- All domestic gold sales are mandated to be settled in Ghana cedis—curbing USD demand
in the spot market.
- The enforcement and tightening of anti-gold smuggling rules and activities have led to a
sharp decline in gold export leakages and incentivized ASM producers through fair
pricing and legal channels.
In addition to centralizing gold trade, Act 1140 mandates GoldBod to license stakeholders, promote local value addition, enhance transparency in foreign exchange repatriation, and enforce responsible and sustainable mining practices.
These key mandates have helped streamline Ghana’s gold industry, increase government revenue, and stabilize the cedi.
This regulatory clarity, enforcement authority, and strategic foresight offer a compelling model for reforming other sectors most notably Shea.
The immediate positive results have been a phenomenal increase in The Bank of Ghana’s gold reserves to 31.37 tons, and gross international reserves topped $10.7 billion enough to cover 4.7 months of imports.
It is no wonder, therefore, that the effect on the cedi was immediate with an appreciation of over 22% within three months and rising investor confidence in the economy.
This is not a cosmetic fix; it is a structural change rooted in domestic value retention and resource control.
Why Shea is the next frontier: The Missed Opportunity
While oil, gold and cocoa may be Ghana’s top export earners, Shea nuts remain one of the country’s most under-leveraged commodities. Ghana is the second-largest producer of Shea nuts in the world, behind only Nigeria. The global demand for Shea, used in cosmetics, pharmaceuticals, and food products, has consistently been high, particularly in Europe, North America, and Asia. However, Ghana’s shea value chain suffers from:
- Fragmented, informal trading systems
- Middlemen dominance with poor price transparency
- Limited local processing capacity
- Inadequate support for women-led rural cooperatives (who are the primary producers)
- Absence of a coordinated export policy
Despite these weaknesses, Ghana’s annual shea exports are estimated at US$ 90–120 million, with significant untapped potential. Decoupling its management from Ghana Cocoa Board and establishing an independent national body to regulate, invest in, and expand this sector could easily triple export earnings and catalyze massive rural transformation.
Enter Ghana Shea Nut Board: A Strategic Blueprint
A Ghana SheaNut Board (Shea Board)—designed using the Gold Board model could radically reshape the sector for the following reasons:
Centralized Collection and Price Control
Shea Board would act as a national clearinghouse—buying from producers at transparent, fair prices and stabilizing market volatility. This would eliminate middlemen from exploiting the farmers and boost rural incomes.
Export Coordination and Value-Addition
By organizing exports through Shea Board, Ghana can transition from raw nut exports to butter and oil processing, adding 3–5 times the export value. The Board can facilitate joint ventures, Foreign Direct Investments (FDI) in processing plants, and partnerships with global brands.
FX Retention & Cedi Support
Like Gold Board, Shea Board would require exporters to settle transactions in cedis before conversion ensuring that forex inflows are routed through official channels and reducing pressure on the currency.
Women’s Empowerment
The majority (about 80%) of Ghana’s shea nut producers are women. A Shea Board will directly support financial inclusion, rural women’s cooperatives, and gender-based development providing structured access to markets, credit, and capacity building.
Climate-Smart and Green Credentials
Shea trees grow wild and naturally in Ghana’s savannah zones, making Shea production low-mission and climate-resilient. Global demand for sustainable products makes this a perfect fit for “green trade” strategies. Additionally, the Shea Board would explore feasible and sustainable ways to establish shea plantations, as practiced in some neighboring countries.
A critical mandate of the proposed Shea Board should therefore be to collaborate with international partners and research institutions to develop improved shea tree varieties suited for commercial plantation farming. This is urgent, given the declining shea tree population due to climate change and harmful agricultural practices.
Gold, Cocoa, and Shea Together: A Leapfrog Strategy for Ghana
The global economic terrain is unforgiving. Oil dependency is unreliable, remittances fluctuate depending on circumstances in the diaspora, and debt ceilings are rising. Ghana’s development strategy must be rooted in sectors that cannot be outsourced, are ecologically viable, and create jobs in areas where people already reside.
The Gold Board strategy shows that such transformation is not theoretical but achievable.
With a Gold Board, Cocoa Board, and a future Shea Board working in parallel, Ghana’s reserves will be diversified, as gold will provide fiscal buffers, while cocoa and Shea will drive rural export cash flows.
Additionally, shea collectors will gain secure incomes and legal protection as is mandated with the Artisanal and Small-Scale Miners (ASMs) and cocoa farmers.
Also, shea derivatives can support local cosmetics and pharmaceutical industries, thereby kickstarting import substitution by reducing reliance on imported raw materials, promoting value addition within the country, and creating employment opportunities across the supply chain.
The Shea Board will help reduce economic disparities and inequalities between rural and urban areas, as well as between the southern and northern ecological zones.
By directing investments to the northern regions Northern Bono/Ahafo, Northern, Savannah,
Northeast, Upper East, Upper West, and Oti where the economic gaps are most pronounced, the initiative will foster inclusive development and regional equity.
Together, the Gold Board and Shea Board initiatives will form a dual-resource sovereign strategy that will break the old dependency cycles and put local production, local currency, and local people at the heart of Ghana’s growth story.
The Future Belongs to Bold Thinkers
Ghana has long been seen as a promising economy held back by inconsistent leadership and timid reform. The success of the Gold Board proves what can be achieved when a government refuses to outsource its courage. It is now up to the same leadership to build on that momentum.
The time to establish Shea Board is now. The institutional framework is clear. The markets are ready. The producers especially Ghana’s rural women are waiting.
What the current government needs next is the same boldness it showed with Gold Board. If we are serious about transforming our economy from the ground up, we must act where it matters in gold and shea, in the mines and the trees, in the vaults and the villages.
By investing in the Shea Board today, Ghana can secure its currency, empower its citizens, and leapfrog into a more inclusive and resilient economy proving once again that with fearless, innovative leadership, nothing is impossible.
