GoldBod can stabilise cedi if we get it right, says Association of Banks CEO, John Awuah

John Awuah, CEO of the Ghana Association of Banks, spoke about the new Ghana GoldBod. He believes it can help stabilize the local currency.

On Joy News’ PM Express Business Edition last Thursday, he highlighted a major issue. Ghana loses billions in unaccounted gold exports each year.

Awuah thinks that a disciplined and transparent GoldBod could change this. He said, “If we continue to implement what we say, we can manage the currency better.”

He shared a concerning example from recent years. Dubai claimed to import $6 billion worth of gold from Ghana. However, Ghana recorded only $2 billion in exports.

This leaves a $4 billion gap that needs explanation.

Mr. Awuah noted that foreign nationals often buy gold directly from mining communities. This bypasses official channels and weakens oversight even with licensed miners.

He questioned how this gold leaves the country unnoticed. “How can we export $2 billion while another country claims $6 billion?” he asked.

He emphasized that the missing $4 billion should have been export proceeds. This money could strengthen the cedi significantly.

“If we manage it well—what GoldBod promises—we can retain much more,” he stated.

He mentioned that hundreds of millions could stay in Ghana instead of leaving.

Awuah explained some transactions occur offshore. People get Cedis in Ghana but fail to send dollars back.

They buy gold locally and export it, but only 10-15% of proceeds return to help them. The rest is lost completely.

Without strong systems, Awuah warned that GoldBod may not succeed. “It’s a big if,” he cautioned.

“If we run this transparently and professionally, we can aggregate purchases from small-scale miners,” he added.

As a country, buying in Cedis and selling for foreign currency would benefit everyone.

For Mr. Awuah, this is the true promise of GoldBod—but only if executed correctly.