“GoldBod cannot claim revenue while pushing losses to BoG” – Minority over $1.7bn claims

” According to Afenyo-Markin, the IMF attributed the losses to service and assay fees paid to GoldBod, discounts on gold sold to off-takers and exchange-rate losses arising from differences between the rates used to purchase gold and those applied for BoG accounting.7 billion losses linked to GoldBod’s gold purchasing and trading operations, insisting that the institution cannot retain the benefits of the transactions while shifting the associated losses to the Bank of Ghana (BoG).

Discounts on gold sold to off-takers into bracket exporters and most importantly, exchange rate losses from the spread between foreign bureau rates paid to purchase gold and the city reference rate used for BOG accounting.