APL demands forensic audit of Goldbod over $1.7bn gold trading losses

APL pointed to three drivers of the losses identified in the IMF report: service and assay fees paid to the Gold Board; discounts granted to off-takers and exporters; and the spread between the forex bureau rate used to buy the gold and the cedi reference rate used for Bank of Ghana accounting.

Ayerakwa, Director of Research and Administration at APL, the policy research group said that while the IMF recorded the losses on the books of the Bank of Ghana, GOLDBOD sits at the centre of the country’s gold purchasing and sourcing architecture and cannot be treated as a bystander.

The Africa Policy Lens (APL) has called for an immediate and comprehensive forensic examination of the Ghana Gold Board’s purchasing and pricing model, following disclosures of more than US$1.