UGBS report finds GoldBod delivering major macroeconomic gains

A new technical report by economists from the University of Ghana Business School has shown that the government’s flagship Ghana Gold Board (GoldBod) has generated significant macroeconomic gains for the Ghanaian economy.

According to the report, GoldBod’s gains exceed the reported losses by the Bank of Ghana, particularly through its reduction of gold smuggling and increase in non-debt foreign exchange inflows.

The report, titled "Evaluating the Macroeconomic Effects of the Ghana Gold Board" (GoldBod), presents an analytical view of GoldBod’s centralised gold purchasing and export framework in safeguarding the sector.

It revealed that artisanal and small-scale mining (ASM) gold exports rose from 63.3 metric tons in 2024 to 103.0 metric tons in 2025. This increase represents the formalisation of previously smuggled gold in the country.

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The report further stated, “Valued conservatively at US$96.5 million per ton, this represents US$3.8 billion in additional FX entering the formal system. Formalisation benefits far exceed BoG’s reported loss.”

Addressing concerns about the Central Bank’s reported losses, the report emphasised that the figures had been misrepresented. It argued that GoldBod should be widely viewed as a macroeconomic stabilization mechanism rather than a profit-making venture.

“GoldBod should be regarded not as a profit-driven trading entity, but as a tool for macroeconomic stabilisation and formalisation. Based on available evidence, it serves as a high-return policy intervention for Ghana’s economy,” it added.

The authors concluded with a call for GoldBod to maintain price competitiveness to curb smuggling within the sector and improve overall transparency.

“GoldBod has delivered substantial, measurable macroeconomic benefits that exceed its narrow accounting costs. The programme converts illicit gold flows into formal FX, strengthens Ghana’s external position, reduces reliance on costly borrowing, and supports macroeconomic stability.”

Read the full report below:

SP/MA

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