$1.7bn Loss: Expert Rejects GoldBod Defense

Professor James Atta Peprah has rejected GoldBod's defense of its reported $1.7 billion loss in 2025 under Ghana's Domestic Gold Purchase Programme (DGPP). The former Dean of the School of Economics at the University of Cape Coast argued that regardless of how the financial outcome is characterized, losses have economic implications and cannot be dismissed.

GoldBod CEO Sammy Gyamfi had rejected claims that his institution incurred $1.7 billion in losses, describing the allegation as a 'barefaced lie.' He claimed that the figure relates to losses incurred by the Bank of Ghana (BoG) under the DGPP and not a loss recorded by GoldBod as an institution.

However, Prof. Atta Peprah pointed out that the distinction between GoldBod and BoG becomes difficult to sustain due to their financial relationship. He said that BoG's financing of GoldBod's gold-purchasing activities means losses arising from those activities can ultimately have implications for the central bank.

Prof. Atta Peprah proposed a restructuring of the financing model, suggesting that GoldBod should obtain funding from the open money market at commercial rates rather than relying on BoG. He maintained that such an arrangement would help insulate BoG from losses arising from GoldBod's trading activities.