GoldBod costs could have been minimised with better planning – Prof. Bokpin
Economist and Professor of Finance at the University of Ghana, Prof. Godfred Bokpin, says the financial costs associated with the Ghana Gold Board (GoldBod) could have been minimised if authorities had undertaken a more comprehensive assessment of the gold value chain before operationalising and aggressively scaling up the institution. Prof. Bokpin said while the costs […]
Prof. Godfred Bokpin, an economist and Finance professor at the University of Ghana, has stated that the financial costs linked to the Ghana Gold Board (GoldBod) could have been reduced if the authorities had conducted a thorough evaluation of the gold value chain prior to the institution's establishment and its rapid expansion.
While the costs linked to GoldBod's operations cannot be entirely avoided, expert input, transparency, and better planning could have mitigated the financial burden. During an appearance on Joy FM's Top Story, Prof. Bokpin argued that a more comprehensive assessment of the value chain could have potentially minimized the losses.
He noted that the intervention's scaling up occurred prior to policymakers fully understanding the total costs that would arise throughout the value chain. The dispute over GoldBod's financial performance has garnered political attention, with Minority Leader Alexander Afenyo-Markin accusing GoldBod's management of incompetence and questioning the logic behind its operations.
CEO Sammy Gyamfi, however, disputed the claim of losses, presenting audited 2025 financial statements that revealed an operational surplus of GH¢907 million and overall surplus of GH¢5.4 billion. Prof. Bokpin's analysis highlights the disparity between the GoldBod intervention's broad benefits and the efficiency of its design and implementation.
He pointed out that while the International Monetary Fund initially reported losses of approximately $214 million associated with GoldBod's domestic gold purchasing operations, the institution disputed these figures. The Bank of Ghana also questioned the IMF's estimates, awaiting the final audited accounts to determine the true financial position.
This sequence of events, according to Prof. Bokpin, suggests that the potential cost implications of the intervention were not adequately anticipated before its implementation. He recognized that costs were inevitable, but stressed the importance of better managing them.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
