GoldBod Losses: Dr Adu & Prof Bokpin Propose Urgent Solutions | Point of View
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How can Ghana preserve the benefits of the Domestic Gold Purchase Programme while reducing the losses associated with the intervention?
On The Point of View with Bernard Avle, economist Dr. Adu Owusu Sarkodie and economist and Professor of Finance at the University of Ghana Business School, Prof. Godfred Bokpin, put forward proposals for reducing the cost of the programme while maintaining its core objective of capturing Ghana's gold market.
Among the key proposals is a rethink of the heavy reliance on price incentives and discounts to compete with gold smuggling. Dr. Adu argues that stronger border controls must form part of the response so that GoldBod does not have to rely solely on financial incentives to retain gold within the formal system.
The experts also call for GoldBod to develop a clear phased exit and transition strategy for its incentives. Once the institution has sufficiently captured the market, the question becomes how it can sustain its position and use its market power more efficiently.
The discussion examines how Ghana can maintain the economic benefits of domestic gold purchases while reducing the financial cost and improving the long-term sustainability of the programme.
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