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.
Professor Godfred Alufar Bokpin of Ghana's University of Ghana has warned that the true cost of GoldBod, the government's gold-buying intervention, far exceeds the losses reported by the Bank of Ghana (BoG). In a recent interview on Joy News' PM Express, Professor Bokpin argued that the losses attributed to GoldBod are due to design defects within the program.
He highlighted that these defects could be rectified with better planning and expert input, potentially reducing financial burdens without sacrificing benefits. The GoldBod intervention, established in April 2025, is aimed at formalizing gold trading, curbing smuggling, and increasing foreign exchange earnings from gold exports.
Despite IMF acknowledging some benefits, it has raised concerns about substantial losses, estimating them at over US$1.7 billion in 2025. These losses are attributed to various factors including fees, assay charges, trading margins, off-taking costs, and exchange-rate differences. Professor Bokpin emphasizes that these losses are not outweighed by the benefits in terms of increased gold-related foreign exchange inflows.
However, he does acknowledge GoldBod's success in reducing smuggling and improving the overall economy. Bokpin's critique comes as the government and the BoG are working to reduce the program's cost, with the IMF noting a reduction in domestic gold purchases from 15.3% to 11.7% in the first quarter of 2026.
Written by urgent.news from Joy Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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