POSB

Dr Goh decided to make use of POSB, instead of just letting it waste away. He wanted POSB to be a key part of Singapore's economic development, as he also saw the potential of POSB of helping to create the savings culture among Singaporeans, and the possibility of using the savings to fund national projects such as building bridges and roads. In order to get the bank back into shape, Dr Goh created a committee which focused on planning how to revitalise POSB. Many new services and incentives were released and by the end of 1968, there was an end to the declining trend in deposits.

Gold Reserves

In 1968, Dr Goh bought 100 pounds of gold in Singapore's name, from the South African Finance Minister at a price of US $40 per ounce. The deal was made during a private meeting during the World Bank Meeting. Dr Goh had helped Singapore obtain its first gold reserve, which is worth quite a lot today, as the price of gold is about US $1230.

Singapore Currency Board

Instead of allowing MAS to take charge of the Singapore dollar, Dr Goh insisted for a currency board, a legacy of colonial days, to be set up separately, to focus on controlling the Singaporean dollar. This measure has worked very successfully, as it prevents the over-enthusiastic issuing of new dollar notes that could cause unwanted inflation. This also ensured that the Singapore dollar would, and will, always be stable

Monetary Authority of Singapore achievement

Initially, many people resigned as Dr Goh began his time at MAS as the chairman. However, he was not affected, and still implemented a unique monetary policy based on the exchanged rate, rather than the interest rate, unlike other countries. The policy, which is still in use today, has brought low inflation and high growth for Singapore. During Dr Goh's time at MAS, the financial sector of Singapore boomed , especially in the areas of offshore banking and forex trading.

Forming EDB

Dr Goh helped to form the Economic Development Board(EDB) in 1961 to kick-start Singapore's industrialisation programme. The goal of the EDB was to draw in foreigners to Singapore, and let Singapore be a one-stop agency for all their needs, be it land, power, or work safety.

Industrialisation Programme

When Dr Goh was appointed Minister of Finance in 1959, he introduced an industrialisation programme with the aim of creating job opportunities for Singaporean. He transformed Jurong, which was then a swamp, into a industrial estate. With the inscentives he offered, Dr Goh drew in foreign investments, all in an effort to help develop the newly built Jurong industrial estate. Dr Goh had laid its foundation stone in 1962, and soon all kinds of factories were sprouting up all over Jurong.