IEA Rejects Gold Sale Loss Claims Against GoldBod
Professor Alexander Bilson Darku The Institute of Economic Affairs (IEA) has rejected claims attributing a GH¢1.7 billion loss under the Bank of Ghana’s Domestic Gold Purchase Programme to the Read More... The post IEA Rejects Gold Sale Loss Claims Against GoldBod appeared first on DailyGuide Network .
The Institute of Economic Affairs (IEA) has dismissed allegations that the Bank of Ghana’s Domestic Gold Purchase Programme incurred a GH¢1.7 billion loss due to the actions of the Ghana Gold Board (GoldBod). Professor Alexander Bilson Darku, director of research at the IEA, clarified that much of the figure represents revenue and foreign-exchange valuation differences, not an actual loss.
Service fees, assaying fees and foreign-exchange valuation differences arising from GoldBod’s operations constituted the bulk of the reported amount. Prof. Darku expressed confusion over the claim that revenue could be considered a loss. Most of the GH¢1.7 billion loss was due to exchange-rate valuation issues, as GoldBod purchased gold on behalf of the Bank of Ghana using US dollars converted into cedis at the Central Bank’s reference rate.
Prof. Darku emphasized that such transactions between public institutions should be viewed through a broader government lens, acknowledging that the central bank would bear the loss while GoldBod would gain. While GoldBod's operations needed scrutiny as it moves from BoG financing to private sector funding, the institute noted its positive impact on the economy through increased gold exports, foreign-exchange inflows, and reserve accumulation.
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