GoldBod has plugged gold smuggling leak and crowded in FX – Bokpin
Economist Professor Godfred Alufar Bokpin says the GoldBod initiative has significantly reduced gold smuggling and helped Ghana retain more foreign exchange from the artisanal and small-scale mining sector.
Economist Professor Godfred Alufar Bokpin has praised the GoldBod initiative for significantly reducing gold smuggling and increasing foreign exchange retention in Ghana. He noted that the gap between Ghana’s gold exports and those of importing countries has narrowed since GoldBod's introduction. Bokpin attributed the narrowing gap to GoldBod's efforts in encouraging miners to declare their gold and bringing a significant amount of foreign exchange back into the country.
However, he cautioned that the initiative has also come at a high cost to Ghana, mainly due to "design defects" in the program. The government, Bokpin suggested, has recognized these losses are unsustainable and plans to reduce them through the Bank of Ghana's exit strategy.
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