GoldBod only sells FX it generates from gold exports – Sammy Gyamfi’s PA fires back at Amin Adam
Personal Assistant to the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, Annan Perry, has challenged former Finance Minister and NPP’s Policy Coordinating Committee member on Finance and Economy, Dr Mohammed Amin Adam, to explain the legal objects of GoldBod before questioning its foreign exchange activities. Mr Perry said GoldBod was established, […]
Sammy Gyamfi's PA, Annan Perry, has rebuked former Finance Minister and NPP Policy Coordinating Committee member Dr Mohammed Amin Adam for questioning GoldBod's foreign exchange activities. Dr Amin claimed that GoldBod, established to generate foreign exchange through gold exports, has ventured into forex trading. However, Perry argued that GoldBod's foreign exchange generation is for the purpose of selling it to the Bank of Ghana and commercial banks for cedis, which are then used to repurchase gold.
He emphasized that GoldBod does not speculate with foreign currency, unlike large-scale mining companies that sell their repatriated export proceeds without being labeled forex bureaux. Perry questioned the appropriateness of describing GoldBod's cedis sales as foreign exchange trading, suggesting that the institution merely sells the foreign exchange it generates from its gold exports.
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