Economics Professor, Godfred Bokpin has warned that the operations of the Ghana Gold Board (GoldBod) could place a significant financial burden on the Bank of Ghana (BoG) and potentially require government intervention to recapitalise the central bank.
Prof. Bokpin acknowledged the role GoldBod has played in bringing more foreign exchange into Ghana’s formal financial system through the purchase of gold from artisanal and small-scale miners.
However, he questioned whether the benefits of the domestic gold purchasing programme justified the financial risks and costs associated with its implementation.
Speaking in an interview, he described GoldBod as a useful intervention but said the government must carefully assess the cost at which the programme was being implemented.
According to Prof. Bokpin, the Bank of Ghana has played a major role in financing and supporting GoldBod, making the central bank the institution that ultimately carries much of the financial risk associated with the programme.
He explained that losses resulting from this arrangement could eventually affect the Bank of Ghana’s balance sheet and create the need for government recapitalisation.
He further noted that the financial costs may not immediately appear in Ghana’s public debt figures because the country does not currently use a general government approach when calculating its debt stock.
As a result, he said, the impact of the losses could remain outside the reported public debt figures, potentially giving the impression of a lower debt-to-GDP ratio.
Prof. Bokpin also argued that a more detailed assessment of Ghana’s gold value chain before GoldBod began operations could have helped the authorities better understand and manage the potential financial exposure.
His comments come amid an ongoing debate over the financial performance and cost of the domestic gold purchasing programme.
GoldBod Chief Executive Officer Sammy Gyamfi has rejected claims that the institution recorded losses.
Sammy Gyamfi has pointed to GoldBod’s audited 2025 financial statements, which he said recorded an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion.
The differing positions have sparked calls for greater transparency over the financial relationship between GoldBod and the Bank of Ghana, as stakeholders seek a clearer picture of the programme’s overall costs and benefits.
