Finance and Economic Policy analyst, Senyo Hosi, has called on the leadership of the Ghana Gold Board (GOLDBOD) to leverage its scale and influence to curb gold smuggling effectively.
In an article themed "OUR GOLD AND THE GOLDBOD" released on March 15, Hosi emphasised that the success of GoldBod hinges on its ability to operate competitively while fostering partnerships with small-scale miners and aggregators.
Highlighting current market dynamics, Hosi noted, "The trade today doles out discounts of 5 to 15% subject to prefinance terms.
If GoldBod buys within the same market provisions and absorbs the 1.5% gold export tax, it will not just run a government monopoly but will prove to be the most optimal commercial partner for small-scale miners and aggregators." He therefore emphasised the need for GoldBod to adopt a strategic framework that not only ensures smuggling is illegal but makes it unattractive. "GoldBod must use its scale and influence to not just make smuggling illegal but also senseless," he stated, reinforcing the need for a strong operational model.
