GoldBod’s real cost to Ghana far higher than reported losses – Bokpin
Economist Professor Godfred Alufar Bokpin says the true cost of Ghana’s gold-buying intervention goes beyond the losses reported in the Bank of Ghana's (BoG) books.
Economist Professor Godfred Alufar Bokpin asserts that the true cost of Ghana's gold-buying intervention, GoldBod, extends far beyond the losses reported by the Bank of Ghana, going as high as US$1.7 billion in 2025. Bokpin argues that the program's design flaws, such as unnecessary fees, assay charges, trading margins, and exchange-rate differences, contributed to these losses.
He also notes that the abolition of the 1.5% withholding tax on gold from artisanal and small-scale miners represents an additional fiscal cost. Bokpin insists that GoldBod should be evaluated as a national program, emphasizing that the losses ultimately impact the broader economy. Despite acknowledging the success of GoldBod in increasing gold-related foreign exchange, he warns that the full cost of the intervention should not be overlooked.
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