GH¢1.7bn GoldBod loss misconstrued – IEA

However, he cautioned against excessive reliance on gold for exchange-rate stability and reserve accumulation, urging the Government to pursue broader export promotion, import substitution, foreign-exchange market regulation and increased local ownership.

He explained that GoldBod purchased gold on behalf of the BoG, with the proceeds subsequently converted from US dollars into cedis using the Central Bank’s applicable reference exchange rate.

He also acknowledged GoldBod’s contribution to the economy, particularly through increased gold exports, foreign-exchange inflows and reserve accumulation, which he said had supported cedi appreciation and stability.