An economist and professor at the University of Ghana, Prof. Godfred Bokpin, has described the Ghana Gold Board (GoldBod) as an important intervention in Ghana’s gold sector but called for measures to make its operations more cost-efficient.

He said GoldBod’s contribution to curbing gold smuggling and increasing foreign exchange inflows should be recognised, but the financial cost of achieving those objectives must also be carefully examined.

Speaking on Channel One TV’s The Point of View, Prof. Bokpin said the focus should not be on collapsing GoldBod but on improving its operations to ensure that its objectives are achieved at the lowest possible cost to the state.

“The argument is not to say collapse Gold Board, certainly not. We’ve spoken about the financial flows associated with gold smuggling and all of that. We have acknowledged the important role of Gold Board in crowding in FX. But remember, it has come at a cost,” he said.

According to him, government must review the pricing structure and other costs associated with the Domestic Gold Purchase Programme (DGPP) to determine whether the same objectives can be achieved more efficiently.

“Should it be at this cost? Probably not. Should we look at the pricing regime? Yes,” he said.

Prof. Bokpin noted that some measures had already been introduced as part of the government’s exit strategy, including efforts to narrow the spread and review fees and charges associated with the programme.

He said such measures were necessary because some costs previously borne by the Bank of Ghana could become more visible as the programme is restructured.

Prof. Bokpin stressed that government must determine the appropriate level of premiums and spreads to ensure GoldBod achieves its objectives without imposing excessive costs on the public purse.

His comments come amid an ongoing debate over the GH¢22 billion losses recorded under the DGPP in 2025 and the role of GoldBod in the programme.

Minority seeks Ad Hoc committee to probe $1.7bn GoldBod loss