He wants GoldBod to instead raise funds from the open money market at commercial rates to finance its gold purchases and trading operations.
According to Prof. Atta Peprah, the arrangement would ensure that GoldBod operates more like a commercial gold-trading institution while reducing the exposure of the central bank to losses arising from its activities.
“Ideally, GoldBod business, from my point of view, should be separated from the government, from the central bank or Bank of Ghana,” he said.
Speaking on Eyewitness News, Prof. Atta Peprah said GoldBod should be able to borrow commercially, use the funds to purchase and aggregate gold, and subsequently sell the gold as part of its normal trading operations.
“The best approach is to go to the money market, borrow at commercial rates, buy the gold, aggregate and do whatever you want to do with it,” he said.
His comments come amid a dispute over a reported $1.7 billion loss associated with Ghana’s Domestic Gold Purchase Programme (DGPP) in 2025.
Chief Executive Officer of GoldBod, Sammy Gyamfi, on Wednesday, August 19, 2026, rejected claims that GoldBod incurred $1.7 billion in losses in 2025, describing the allegation as a “barefaced lie.”
Mr Gyamfi, speaking during the Government Accountability Series, argued that the reported figure did not represent GoldBod’s actual financial performance for the 2025 financial year.
He has particularly criticised Minority Leader Alexander Afenyo-Markin for repeatedly making the claim in Parliament and through the media.
However, Prof. Atta Peprah said the financial relationship between GoldBod and the Bank of Ghana makes it difficult to treat the two institutions as completely independent.
He argued that where the central bank provides financing for GoldBod’s activities, any losses arising from those activities could ultimately have implications for BoG’s accounts.
“Why should we blame a BoG loss on Gold Board? They financed it. BoG financed it. They cannot be treated as separate entities,” he said.
“So I think there should be separation of this business between Gold Board and Bank of Ghana. Gold Board takes your money from the open market, pitches the gold, aggregates it, whatever you want to do with it, and says that BoG doesn’t come in,” he said.
He maintained that GoldBod should bear the commercial risks associated with its gold-trading operations rather than transferring those risks to the central bank.
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