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Policy Analyst and President of Policy Think Tank, IMANI Africa, Franklin Cudjoe has told the GoldBod and its managers that they cannot say they did not make losses.
He acknowledges that although the GoldBod sees itself as an intermediary between the aggregators and the Bank of Ghana the losses must be acknowledged whether transactional or trade.
However they are losses and there will be a need for explanations on how the losses were made and how thy intend to minimize it going forward.
”I can undersrand why GoldBod wouldn’t acknowledge that the losses should be classified as such on their books, because it thinks they are just playing an intermediate role between bank of Ghana and the aggregators of gold since it is the bank that provides the cedis for gold purchases and ultimately receives proceeds of gold sold abroad in dollars,” he stated in a social media post.
He stated further that “But they are losses, transactional or trade losses. $214m loss is large enough for us to understand how it occurred, the period it occurred and where they occurred ( as in with which buyers of our gold and the quantum of loss per buyer),- This helps in two ways- 1. In order to minimise them if they were genuinely incurred and to help prevent a gaming / rigging due to privileged information or as it is commonly called, insider information, regardless of whether the spot and onward sale price of gold are displayed by GoldBod. And l think the Bank of Ghana should provide answers to how the $214m loss happened and what they will do to miimise it in futuret transactions”.
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