Chief Executive Officer of the Ghana Association of Banks, John Awuah, says the successful and transparent implementation of the newly launched Ghana GoldBod could significantly help stabilise the local currency, the cedi.

Speaking on Joy News last Thursday, Awuah highlighted the massive revenue losses Ghana incurs annually through unaccounted gold exports. He argued that a disciplined GoldBod framework could close these loopholes and improve foreign exchange inflows.

“There are things happening now which, if we continue to implement forcefully and effectively, will help us better manage the currency,” he stated.

Citing a striking example, Awuah recalled: “We were in this country when Dubai reported importing $6 billion worth of gold from Ghana, yet our official records showed only $2 billion in exports. So where is the $4 billion difference?”

He explained that foreign buyers often bypass official export channels, purchasing gold directly from mining communities. Even among licensed small-scale miners, regulatory oversight is often weak. As a result, vast quantities of gold leave Ghana informally, and their proceeds never return to support the economy.

“This is money that could have strengthened the cedi,” he said. “If we can capture this lost revenue through GoldBod, it could mean hundreds of millions of dollars retained annually.”

Awuah also revealed that some gold-related transactions occur entirely offshore. “People receive cedis locally, but the dollars never arrive. They use the cedis to buy gold, export it, and only 10 to 15% of the returns come back to support small operations. The rest is lost.”

He stressed that without proper systems, the GoldBod initiative risks becoming ineffective. “It’s a big if,” he warned. “If we don’t run this transparently and professionally, it could end up like other state agencies where accountability is weak.”

However, if implemented correctly, Awuah believes the GoldBod could transform Ghana’s gold trade. “By aggregating gold purchases from small-scale miners and transacting in cedis locally, the state can export and bring back foreign currency. That’s how we build reserves and support the cedi,” he concluded.

For Awuah, the promise of the GoldBod is real — but only if it is executed with discipline, transparency, and professionalism.