John Awuah, CEO of the Association of Banks, says Ghana’s GoldBod initiative can stabilize the cedi if managed well. Speaking on Joy News’ PM Express Business Edition last Thursday, he revealed that Ghana loses billions annually through untracked gold exports.

Awuah explained that foreign buyers often purchase gold directly from mining communities, avoiding official channels. He added that even licensed small-scale miners face weak oversight.

He gave a striking example: “Dubai reported importing $6 billion worth of gold from Ghana, but our records show only $2 billion exported. Where did the $4 billion go?”

Awuah pointed out that missing export proceeds like this could have boosted the cedi. He urged authorities to fully control GoldBod operations and avoid the failures seen in other state agencies.

He also warned about offshore deals. “Some transactions happen outside Ghana. Buyers get cedis locally, but dollars don’t arrive. They export gold and return only a small portion of the earnings, while the rest escapes our control.”

Awuah concluded that GoldBod must run transparently and professionally to succeed. “If we gather gold purchases from small miners and buy in cedis, we can bring foreign currency into the country.”