Policy Analyst and Economist, Dr. Peter Terkper, has raised serious concerns over the recent US$214 million loss reported by the Ghana Gold Board (GoldBod), warning that any collapse of the institution could have catastrophic consequences for the national economy.
Speaking on ABC In The Morning, Dr. Terkper stressed the central role GoldBod plays in Ghana’s financial and commodity markets. “If GoldBod crashes, the economy will come to its knees,” he cautioned, urging immediate attention from policymakers and management to safeguard the institution.
While acknowledging the financial loss, Dr. Terkper highlighted GoldBod’s positive contributions over the years. “It has increased our reserves and it has brought confidence to the economy,” he said, noting that the institution remains crucial for economic stability and investor trust.
However, he warned that GoldBod must focus on its regulatory mandate rather than risky trading activities. “The GoldBod must operate as a regulator and not a trader,” he emphasized, urging strict adherence to its core functions to prevent future shocks.
Transparency and accountability, Dr. Terkper added, are essential for maintaining public trust. “Our institutions must be transparent from the onset and not wait for others to find fault in them,” he said, stressing proactive governance as key to restoring confidence in state institutions.
Drawing comparisons to other state-run organizations, he cautioned against complacency. “GoldBod is a very important institution for the entire economy, and so care and consciousness have to be high so that GoldBod would not gradually become like COCOBOD,” Dr. Terkper warned.
The US$214 million loss has intensified calls for reform, with experts insisting that stronger oversight, clear regulatory focus, and improved transparency are necessary to ensure GoldBod continues to support Ghana’s economic growth.
