Gold strategy must shield BoG from commercial risks – Licensed Gold Buyers

7 billion associated with Ghana’s gold purchasing and reserve accumulation programme, with calls growing for greater clarity on the financial costs and benefits of the strategy.

The Chamber of Licensed Gold Buyers (CLGB) is calling for the Bank of Ghana (BoG) to be protected from the long-term commercial risks associated with gold trading, amid growing debate over reported losses of about US$1.

Instead, it wants the financial costs of the programme assessed alongside its broader macroeconomic benefits, including foreign exchange accumulation, reserve building, cedi stability and the formalisation of Ghana’s artisanal and small-scale mining (ASM) gold sector.