John Awuah, CEO of the Ghana Association of Banks, believes the newly introduced Ghana GoldBod has the potential to significantly stabilise the local currency—provided it is implemented effectively.
Speaking on Joy News’ PM Express Business Edition last Thursday, Awuah emphasized that Ghana is losing billions of dollars annually through undocumented gold exports. He argued that a transparent and disciplined GoldBod framework could help address these losses and positively impact the Cedi.
“There are encouraging developments underway. If we commit to executing them rigorously, we can better manage the currency,” he stated.
He cited a glaring discrepancy to highlight the issue: “Dubai reported importing $6 billion worth of gold from Ghana in a particular year, yet Ghana’s official records showed only $2 billion in gold exports. Where did the remaining $4 billion go?”
According to Awuah, much of the gold is bought directly by foreign buyers in mining communities, bypassing official export channels. Oversight is also weak, even among licensed small-scale miners.
“How this gold exits the country remains a mystery. When there’s a $4 billion gap between what we say we exported and what another country says they imported, that’s a problem,” he stressed.
He noted that these missing funds could have bolstered the country’s foreign exchange reserves and strengthened the Cedi.
“If the GoldBod lives up to its stated goals—and avoids becoming just another underperforming institution—it could prevent the outflow of hundreds of millions of dollars,” he added.
Awuah also pointed out that some transactions occur offshore, where buyers acquire Cedis locally, export Ghanaian gold, and repatriate only a fraction of the proceeds—leaving the rest outside the country’s control.
“Only 10 to 15% of the money comes back to support basic operations. The rest is lost entirely,” he said.
He cautioned that the GoldBod’s success hinges on transparency and strong governance.
“It’s a big ‘if’—but if we run this operation professionally, purchase gold from small-scale miners using Cedis, and export it through official channels, the foreign currency returns could greatly benefit the country.”
For Awuah, the real value of GoldBod lies in its potential to bring more of Ghana’s gold trade into the formal economy—but only if it’s done right.
