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“I don’t know how we’ll defend $1.7bn gold loss” – Boadi
August 19, 2026
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“I don’t know how we’ll defend $1.7bn gold loss” – Boadi

Money
Policy
Growth

Key Points

  • Professor Isaac Boadi of UPSA has called on the government and Bank of Ghana (BoG) to clarify and explain the reported $1.7 billion loss from the Domestic Gold Purchase Programme (DGPP).
  • He emphasized that the reported loss, equivalent to about 1.5% of Ghana's GDP, represents a significant cost to the country that demands full public disclosure.
  • Prof. Boadi raised questions about how the DGPP's overall performance should be assessed, particularly given the financial distinction between BoG's incurred costs and GoldBod's recorded revenues.
  • He urged authorities to disclose all underlying transaction details, including gold quantities, prices, sources, financing, buyers, selling prices, and the timing of sales to establish how losses occurred.
  • The professor stressed the importance of transparency and consistent financial reporting to maintain public, parliamentary, and investor confidence in the program.

Why This Matters

A reported $1.7 billion loss from a national program represents a substantial drain on Ghana's public finances, equivalent to about 1.5% of its GDP. This issue raises critical questions about financial mismanagement, accountability of state institutions like the Bank of Ghana and GoldBod, and the overall economic stability of the nation. Lack of transparency around such significant losses can erode public trust and deter potential investors.

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