{"id":362490,"date":"2026-01-10T08:58:08","date_gmt":"2026-01-10T08:58:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/362490\/"},"modified":"2026-01-10T08:58:08","modified_gmt":"2026-01-10T08:58:08","slug":"the-214m-loss-is-from-goldbods-trading-activities-there-is-another-leg-of-the-loss","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/362490\/","title":{"rendered":"‘The $214m loss is from GoldBod\u2019s trading activities, there is another leg of the loss’"},"content":{"rendered":"

\"Dr <\/a>Dr Gideon Boako is the Member of Parliament for Tano North<\/p>\n

Tano North MP, Dr Gideon Boako, has suggested that additional losses linked to GoldBod could soon appear in the <\/a><\/a><\/a><\/a><\/a><\/a>Bank of Ghana<\/a>\u2019s audited accounts, beyond the $214 million already reported by the IMF.<\/p>\n

In an interview on Thursday, January 8, Dr Boako said the IMF report, dated September 2025, highlighted trading losses from the Gold for Reserve programme and associated intermediation activities.<\/p>\n

He warned that subsequent quarters could see further losses recorded in the official accounts once the <\/a><\/a><\/a><\/a><\/a><\/a>Bank of Ghana<\/a>\u2019s audit is published.<\/p>\n

\u201cThe losses are coming from two streams,\u201d he said. \u201cThe $214 million loss is from GoldBod\u2019s trading activities. But there is another leg of the loss that will come up in the BoG\u2019s audited accounts, and it will be higher.\u201d<\/p>\n

Dr Boako explained that the additional losses are connected to how the <\/a><\/a><\/a><\/a><\/a><\/a>Bank of Ghana<\/a> operates its cedi-dollar-gold transactions.<\/p>\n

He criticised the current regime, under which cedis are collected from banks to purchase gold at Bloomberg rates, only to sell the resulting dollars back at the <\/a><\/a><\/a><\/a><\/a><\/a>Bank of Ghana<\/a>\u2019s artificially appreciated rate.<\/p>\n

Dr Boako attributes this new loss to the additional six tonnes of gold in the <\/a><\/a><\/a><\/a><\/a><\/a>Bank of Ghana<\/a> vault. According to him, because the central bank is currently operating a multiple exchange rate system\u2014a practice criticised by the IMF\u2014<\/a><\/a><\/a><\/a><\/a><\/a>Bank of Ghana<\/a> buys the reserve gold at a higher Bloomberg rate and keeps it in their vault at an artificial rate 10% lower than the Bloomberg rate. This is why Dr Boako strongly believes the auditors of BoG will value the reserve gold at a rate lower than how much it was purchased for, leading to exchange losses.<\/p>\n

\u201cThe IMF report has said this is not good and will continue to cause more losses,\u201d he added.<\/p>\n

He concluded that these emerging figures reflect the policy environment rather than the operational design of GoldBod.<\/p>\n

According to Dr Boako, without adjustments to the exchange rate regime, further financial strain on the <\/a><\/a><\/a><\/a><\/a><\/a>Bank of Ghana<\/a> and GoldBod is inevitable.<\/p>\n","protected":false},"excerpt":{"rendered":"Dr Gideon Boako is the Member of Parliament for Tano North Tano North MP, Dr Gideon Boako, has…\n","protected":false},"author":2,"featured_media":362491,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,56,54,55],"class_list":{"0":"post-362490","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-uk","11":"tag-united-kingdom","12":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/362490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=362490"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/362490\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/362491"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=362490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=362490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=362490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}