GoldBod Must Take Blame for $1.7 Billion Losses
The Ghana Gold Board (GoldBod) is facing criticism for claiming credit for the country's gold reserves without accepting responsibility for losses associated with a Bank of Ghana programme.
Dr Adu Owusu Sarkodie, Executive Director of the Center for Policy Scrutiny, said that if GoldBod wants to take credit for the accumulation of Ghana's gold reserves, it must also accept blame for the $1.7 billion in losses recorded under the Bank of Ghana's Domestic Gold Purchase Programme (DGPP).
The programme is designed to build Ghana's foreign exchange reserves by purchasing gold domestically.
Sarkodie noted that the relevant figures appeared in the central bank's accounts, not GoldBod's audited statements, and therefore, the losses should be attributed to BoG.