GoldBod Told to Take Responsibility for Programme Losses

The Ghana Gold Board (GoldBod) has been under fire for its role in a $1.7 billion losses recorded under the Bank of Ghana's (BoG) Domestic Gold Purchase Programme (DGPP).

According to Dr Adu Owusu Sarkodie, Executive Director of the Center for Policy Scrutiny, GoldBod cannot claim credit for the accumulation of Ghana's gold reserves without accepting responsibility for associated losses.

Sarkodie argued that since the programme is fundamentally a Bank of Ghana initiative, all relevant figures should be reflected in BoG's financial statements. He noted that this distinction was evident in the audited financial statements of both institutions.

The Executive Director emphasized that some level of loss was inherent in the design of the reserve accumulation programme due to its focus on building Ghana's foreign exchange reserves.