Audio By Carbonatix Banking consultant Dr. Richmond Atuahene has called for urgent restructuring of Ghana’s gold transactions, warning that existing arrangements continue to create accounting and policy challenges for the country’s financial system. Speaking on Joy FM’s Super Morning Show on Friday, May 1, Dr. Atuahene said issues surrounding gold transactions have persisted since 2021 and require comprehensive reform to support currency stability and reserve accumulation. He explained that while gold remains a critical asset for strengthening Ghana’s foreign reserves, weaknesses in its valuation and transaction processes continue to distort financial reporting and policy outcomes. “The gold issues are not new. We need to sit down as a country and restructure gold transactions because they are very important for currency stability and the building of reserves,” he said. According to him, price discrepancies during gold purchases expose the system to avoidable losses. “What we have to do to restructure the gold is to look at the rates at which gold is bought from customers and sold to the Bank of Ghana. That is where the losses come in,” he explained. “If you purchase gold at, say, $11.21 today and send it to the Bank of Ghana the next day, you could incur a loss of about one or two cedis per unit. When transactions are done in millions, the losses become significant." He added, “I have said it over and over again—from 2021, 2022, 2023—that we need to sit down as a country and restructure how gold is purchased by the Bank of Ghana through the gold board,” he noted. Despite these challenges, he acknowledged the critical role gold has played in strengthening Ghana’s external reserves. “Without these interventions, we would not have moved from where we were in 2022 to about $14.7 billion in reserves currently,” he stated. He, however, emphasised that sustaining and improving these gains requires urgent reforms. “It is something we need to look at critically as a nation so that we can continue to build our reserves and ensure that the cedi can withstand shocks over time,” he added. Dr. Atuahene’s comments come amid ongoing discussions about the central bank’s financial performance and the broader role of gold in stabilising Ghana’s economy. DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited. Tags: Dr Richmond Atuahene Ghana Gold DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited. Related to this story BoG’s GH₵15.6bn loss “necessary evil” for macroeconomic stability – Dr Richmond Atuahene Police probe multi-million dollar gold transaction dispute Ghana can’t keep catching every global cold – it’s time to build its own immunity Ghana heads to Rabat for African Open Government Conference Ghana tilting towards the abyss while waiting for doomsday Dr Zanetor Agyeman-Rawlings elected 2nd Deputy President of Pan African Parliament in South Africa Ghana engages American aircraft manufacturer Boeing in renewed push to relaunch national carrier Structural bottlenecks blunt impact of Ghana’s macroeconomic gains – GNCCI CEO Ghana has moved from managing crisis to managing recovery—Prof. Gyeke-Dako Reading the World Bank Cocoa Forecast Correctly: The floor is already here Latest Stories We need to restructure Ghana’s gold transactions – Dr Atuahene10 seconds BoG’s GH₵15.6bn loss “necessary evil” for macroeconomic stability – Dr Richmond Atuahene51 seconds New footage shows how Trump dinner gunman charged through security in four seconds5 minutes Ministry of Health warns against fraudulent recruitment links ahead of nursing intake7 minutes Nkwanta police arrest 2 with gun, over 11,000 rounds of ammunition concealed in truck10 minutes “I’m so ready” – Black Sherif reacts to 9 TGMA 2026 nominations23 minutes I want to contribute to the museums of inspirations – Black Sherif25 minutes Black Sherif plans comeback to classroom after leaving UPSA34 minutes Curfew lifted in Karaga as gov’t maintains ban on arms34 minutes May Day : ICU urges gov’t to turn economic gains into real relief for workers35 minutes Prompt engineering, the 24-Hour Economy, and Ghana’s AI future36 minutes Engineers & Planners pays $2m into Black Stars’ 2026 World Cup fundraising drive36 minutes Gov’t assures fair returns for cocoa farmers despite expected global price drop38 minutes NAGRAT demands urgent teacher recruitment, funding reforms on May Day39 minutes Resilient power systems security is a key for reliable electricity supply40 minutes