John Awuah, CEO of the Ghana Association of Banks, believes the Ghana GoldBod could stabilise the cedi if implemented effectively.
Speaking on Joy News’ PM Express Business Edition, he said Ghana loses billions annually through untracked gold exports. He called for a disciplined and transparent GoldBod regime to address these leaks.
“There are steps we’re taking now. If we follow through, we can better manage our currency,” he noted.
Awuah referenced a stark example:
“Dubai reported $6 billion in gold imports from Ghana, but our records showed only $2 billion. Where did the $4 billion go?”
He explained that many foreign buyers source gold directly from mining communities, sidestepping official channels. Even with licensed small-scale miners, oversight remains weak.
“People buy gold here and export it. How they do it, we don’t know,” Awuah said. “That $4 billion could’ve strengthened the cedi if it returned as export proceeds.”
He warned that some buyers get cedis locally, buy gold, and ship it offshore. Only 10–15% of the money returns, while the rest vanishes from Ghana’s economy.
To succeed, he stressed, GoldBod must avoid becoming another failed institution.
“If we manage this well, buy gold locally in cedis and sell it to earn foreign currency, we’ll see real benefits,” Awuah said. “But it’s a big if. Execution is everything.”
