GoldBod Loss Saga Explained: IMF Report, BoG, Pricing, Transaction Costs & The Way Forward |
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What really happened with the US$1.7 billion loss associated with Ghana's Domestic Gold Purchase Programme (DGPP)?
On The Point of View with Bernard Avle, the GoldBod saga is examined from multiple angles, bringing together the positions of GoldBod, the Bank of Ghana, the IMF, the Minority in Parliament and leading economists.
GoldBod CEO Sammy Gyamfi has rejected claims that the IMF directly attributed the US$1.7 billion loss to GoldBod, urging commentators and fact-checkers to examine the Fund's actual documents.
Minority Leader Alexander Afenyo-Markin, however, argues that the central issue is accountability for public resources, regardless of which state institution ultimately carried the loss on its balance sheet. The Minority is also pushing for an ad hoc committee to investigate the DGPP and the reported loss.
Economists Dr. Adu Owusu Sarkodie and Prof. Godfred Bokpin examine the broader economics of the intervention, including transaction costs, foreign-exchange losses, pricing discounts, market incentives and the relationship between GoldBod and the Bank of Ghana.
Prof. Bokpin argues that transaction costs must be treated as genuine costs when evaluating the programme and says the entire gold value chain must be considered rather than looking at individual transactions in isolation.
The discussion also tackles a fundamental question: If the objective of the DGPP is to build Ghana's gold reserves and strengthen economic stability, could the same objective have been achieved at a lower cost?
Among the proposed solutions are stronger border controls to reduce gold smuggling, a gradual reduction of costly price incentives, a clear exit strategy and greater transparency in reporting the programme's financial performance.
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