{
  "id": 3471745,
  "title": "Gold strategy must shield BoG from commercial risks – Licensed Gold Buyers",
  "url": "https://urgent.news/2026/08/26/gold-strategy-must-shield-bog-from-commercial-risks-licensed-gold-3471745",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-26T08:39:53.000Z",
  "source": {
    "name": "Adom Online",
    "slug": "adom-online",
    "url": "https://www.adomonline.com/gold-strategy-must-shield-bog-from-commercial-risks-licensed-gold-buyers/"
  },
  "original_language": "en",
  "account": "The Chamber of Licensed Gold Buyers (CLGB) is urging the Bank of Ghana (BoG) to safeguard itself from long-term commercial risks tied to gold trading. This call arises amidst a debate over losses estimated at US$1.7 billion under Ghana's gold purchasing program. The CLGB argues that the reported figure shouldn't be seen as proof that the gold strategy has failed, but rather, it demands a thorough evaluation of the program's financial costs alongside its broader macroeconomic advantages. These include foreign exchange accumulation, reserve building, cedi stability, and the formalization of Ghana's artisanal and small-scale mining (ASM) gold sector. In a statement signed by the CLGB, it maintains that the losses primarily relate to the Bank of Ghana's gold purchasing and reserve operations, cautioning against automatically classifying them as losses for the Ghana Gold Board (GoldBod). The Chamber proposes an independent reconciliation involving the BoG, the IMF, and GoldBod to clarify what the reported figure represents, distinguishing between trading losses, transaction costs, fees, and valuation effects. The CLGB proposes an assessment that would reveal the program's overall cost and value to the economy, emphasizing the need to protect the BoG's balance sheet from long-term commercial risks associated with gold trading. The Chamber believes the BoG should focus on monetary stability, foreign exchange management, and reserve management, while GoldBod should handle commercial aspects of gold procurement, aggregation, pricing, logistics, refining, and trading. Despite concerns, the Chamber defends the broader strategy of using Ghana's gold resources to strengthen foreign exchange reserves and formalize the ASM sector. It suggests that an assessment should consider not only financial costs but also the value of reserves accumulated, foreign exchange liquidity, reduced cedi pressure, and avoided import-financing constraints. The Chamber also highlights that the strategy could help curb leakage from informal gold trading. It proposes a five-point policy framework, including an independent reconciliation of the US$1.7 billion figure, protecting the BoG's balance sheet from commercial risks, holding GoldBod commercially accountable through transparent procurement margins and financial statements, introducing a measurable cost of reserve accumulation framework, and shifting focus from maximizing gold purchase volume to maximizing value derived from gold resources. The Chamber aims for a clearer division of responsibilities, with GoldBod regulating and aggregating gold, the BoG managing monetary and reserve policy, the government setting the broader policy framework, and private-sector operators providing competitive market capacity. The CLGB wants independent audits to evaluate whether the arrangement delivers value for money, ultimately transforming Ghana's gold policy from an emergency economic intervention to a professionally governed national economic asset.",
  "summary": "The Chamber of Licensed Gold Buyers (CLGB) is calling for the Bank of Ghana (BoG) to be protected from the long-term commercial risks associated with gold trading, amid growing debate over reported losses of about US$1.7 billion under Ghana’s gold purchasing programme. The Chamber says the reported figure should not, on its own, be interpreted […]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "MyJoyOnline Ghana",
        "title": "Gold strategy must shield BoG from commercial risks – Licensed Gold Buyers",
        "url": "https://urgent.news/2026/08/26/gold-strategy-must-shield-bog-from-commercial-risks-licensed-gold",
        "published": "2026-08-26T08:29:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}