One-third of Ghana’s gold was leaving unaccounted

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Senyo K. Hosi has identified large-scale gold smuggling as a key factor behind the creation of Ghana’s GoldBod.

Referencing United Nations COMTRADE data, Hosi said Ghana failed to benefit from its gold output fully.

“The UAE imported about US$7.1 billion worth of gold from Ghana, while Ghana reported only US$4.8 billion,” he stated in a fresh article sighted by MyNewsGh, describing the gap as evidence that nearly one-third of production went unaccounted for.

According to him, this leakage weakened Ghana’s ability to build foreign reserves despite being Africa’s leading gold producer.

He noted that the country had to rely on borrowing through Eurobonds and syndicated loans to support reserves.

Hosi explained that the underperformance of cocoa and the offshore retention of mining export receipts compounded the problem.

“Even improved gold exports could not support reserve buffers,” he said.

He argued that GoldBod was designed to correct these structural failures by tightening control over the gold value chain.

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