Banking consultant Dr. Richmond Atuahene has called for urgent restructuring of Ghana’s gold transactions, warning that existing arrangements continue to create accounting and policy challenges for the country’s financial system.
Speaking on Joy FM’s Super Morning Show on Friday, May 1, Dr. Atuahene said issues surrounding gold transactions have persisted since 2021 and require comprehensive reform to support currency stability and reserve accumulation.
He explained that while gold remains a critical asset for strengthening Ghana’s foreign reserves, weaknesses in its valuation and transaction processes continue to distort financial reporting and policy outcomes.
“The gold issues are not new. We need to sit down as a country and restructure gold transactions because they are very important for currency stability and the building of reserves,” he said.
According to him, price discrepancies during gold purchases expose the system to avoidable losses.
“What we have to do to restructure the gold is to look at the rates at which gold is bought from customers and sold to the Bank of Ghana. That is where the losses come in,” he explained.
“If you purchase gold at, say, $11.21 today and send it to the Bank of Ghana the next day, you could incur a loss of about one or two cedis per unit. When transactions are done in millions, the losses become significant.”
He added, “I have said it over and over again—from 2021, 2022, 2023—that we need to sit down as a country and restructure how gold is purchased by the Bank of Ghana through the gold board,” he noted.
Despite these challenges, he acknowledged the critical role gold has played in strengthening Ghana’s external reserves.
“Without these interventions, we would not have moved from where we were in 2022 to about $14.7 billion in reserves currently,” he stated.
He, however, emphasised that sustaining and improving these gains requires urgent reforms.
“It is something we need to look at critically as a nation so that we can continue to build our reserves and ensure that the cedi can withstand shocks over time,” he added.
Dr. Atuahene’s comments come amid ongoing discussions about the central bank’s financial performance and the broader role of gold in stabilising Ghana’s economy.
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Source: www.myjoyonline.com
