Tano North MP and Deputy Ranking Member of Parliament’s Finance Committee, Dr Gideon Boako, has questioned whether shifting domestic gold-purchase financing from the Bank of Ghana has truly eliminated financial risks.
He is asking whether the risks associated with Ghana’s gold strategy have simply been transferred to another part of the public sector.
He raised the concerns in a write-up issued on Sunday, September 27, assessing the July 2026 reform that shifted responsibility for domestic gold purchases from the Bank of Ghana to GoldBod.
Under the new arrangement, GoldBod increasingly relied on commercial banks and private off-takers for financing.
He acknowledged that separating monetary policy from commercial gold-purchasing operations could be institutionally healthier, particularly because the central bank should not indefinitely carry the risks of what is essentially a commercial activity.
However, he cautioned that moving the financing away from the Bank of Ghana did not necessarily mean the economic cost had disappeared.
“The key questions should therefore include: How much does GoldBod pay for gold? What are its financing costs? What are its margins? How much does it spend on operations and exports?” he asked.
He further questioned who would ultimately bear the risk if the economics of the programme deteriorated.
He said Ghana must ensure fiscal risks are not merely transferred from the central bank to another public institution.
He said the new GoldBod model would have to demonstrate that it could generate foreign exchange sustainably while keeping financing costs, operational risks and potential fiscal liabilities transparent.
He added that the broader test would be whether Ghana had genuinely strengthened its external-sector architecture rather than simply changing the institutional location of its gold strategy.
GoldBod’s US$1.3bn FX haul under new model impressive but not enough to prove sustainability – Boako
