Banking consultant Dr. Richmond Atuahene says a review of GoldBod’s trading model could significantly improve Ghana’s foreign exchange reserves and help stabilize the cedi.
His comments follow a call by the Governor of the Bank of Ghana, Dr. Johnson Asiama, who has urged the Minister of Finance to adopt a more sustainable financing structure for GoldBod’s operations.
Speaking in an interview with Joy Business, Dr. Atuahene said restructuring the gold trading framework would position Ghana to better manage its debts and strengthen its external buffers, noting that “A review of the trading model will have a major impact on currency stability and reserve accumulation.”
Dr. Atuahene expressed optimism about global gold prices, predicting a sharp rise before the end of the year, highlighting that “Gold is likely to hit five thousand dollars per ounce by the end of this year. If that happens, Ghana can build reserves of up to 20 billion dollars within the next two to four years.”
According to him, stronger reserves would give the country the capacity to begin paying down its growing external debt.
“When you sell the gold and earn foreign currency, you are in a better position to pay off debts, especially Eurobond-related obligations. That is how we gradually come out of the debt overhang we have carried over the years,” Dr. Atuahene explained.
He added that aligning GoldBod’s financing structure with long-term sustainability would not only support debt repayment but also enhance investor confidence and overall macroeconomic stability.
The Bank of Ghana has in recent months pushed for reforms in the gold trading sector as part of broader efforts to strengthen reserves and support economic recovery.
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