GoldBod Loss Saga: “Could We Have Achieved This At A Lower Cost?” | The Point of View
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The US$1.7 billion GoldBod and Bank of Ghana loss saga comes under scrutiny on The Point of View with Bernard Avle, as Dr. Adu Owusu Sarkodie, Senior Lecturer at the Department of Economics, University of Ghana, examines the costs, communication and sustainability of Ghana's domestic gold purchasing strategy.
Dr. Adu argues that communication around the reported losses became overly politicised and says the relevant institutions should have taken greater responsibility for explaining the figures, the model being used and the measures being introduced to minimise future losses.
He also argues that the GoldBod and Bank of Ghana should share the costs arising from their respective roles in the gold purchasing and foreign exchange transactions, particularly as GoldBod becomes more independent.
A key issue raised is optimization: while building Ghana's gold reserves is a legitimate policy objective, Dr. Adu asks whether the country could achieve that objective at a significantly lower cost.
The discussion also examines the impact of pricing discounts, exchange-rate spreads, indirect revenue losses, environmental costs associated with small-scale mining and the sustainability of Ghana's domestic gold purchasing programme.
The bigger question remains: Can Ghana build its gold reserves while minimising the financial, environmental and economic costs?
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