IEA Challenges Claims That GoldBod Suffered US$1.7 Billion Loss
The Institute of Economic Affairs (IEA) has pushed back against claims that the Ghana Gold Board (GoldBod) recorded a US$1.7 billion loss under the Domestic Gold Purchase Programme in 2025.
Prof. Alexander Bilson Darku, Director of Research at the IEA, explained that the amount being discussed was recorded in the accounts of the Bank of Ghana (BoG), rather than as a loss directly incurred by GoldBod. His comments have added another dimension to the ongoing debate over the financial outcome of the gold purchasing programme. (CitiNewsroom.com)
According to Prof. Darku, the reported figure contains several financial components, including fees and discounts associated with transactions between the central bank and GoldBod. He argued that some of these payments could instead be viewed as income received by GoldBod rather than evidence that the institution itself suffered the reported loss. (CitiNewsroom.com)
He further identified foreign-exchange valuation as a major factor behind the amount recorded by the Bank of Ghana. He explained that differences between the exchange rates used when GoldBod purchased gold and those applied by the central bank when recording dollar proceeds in cedis contributed significantly to the reported loss.
Prof. Darku therefore said the discussion should focus on why the Bank of Ghana incurred the loss and how the accounting treatment surrounding the programme was determined. He maintained that GoldBod should not automatically be blamed for the entire US$1.7 billion figure being debated publicly.
Source: GhanaNsem
