Gold trading losses must be minimised - Joe Jackson
Joe Jackson, Chief Executive Officer of Dalex Finance, called for improved efficiency in Ghana's gold trading operations to minimise losses and strengthen investor confidence in the programme. Mr. Jackson made the call on a political talk show monitored by the Ghana News Agency (GNA). He said that although gold trading remained a key tool in supporting currency and financial stability, efforts must be intensified to reduce operational inefficiencies and associated losses.
Mr. Jackson noted that while some reduction in losses had been recorded over time, their persistence continued to raise concerns about the efficiency of the operations. He explained that the central bank's involvement in gold trading was not purely commercial, as its mandate extended beyond profit-making to safeguarding macroeconomic stability. Mr. Jackson said, "Once you accept that the Bank of Ghana is not a commercial entity, then naturally certain costs may arise, but efficiency must remain a key consideration." He observed that although public officials had attributed some of the losses to exchange rate movements, there was still a need to improve operational efficiency.
Mr. Jackson underscored the need for continuous assessment of the programme to ensure that its broader economic benefits, including currency stability, reduced gold smuggling and value retention, were not undermined by avoidable inefficiencies. He commended authorities for engaging the public on the issue, noting that transparency was essential in deepening understanding of complex economic policies. Mr. Jackson urged policymakers to implement measures to further reduce losses and enhance confidence in the management of the gold trading initiative.
Quick Summary
Dalex Finance CEO Joe Jackson has urged Ghana to improve its gold trading operations. He says that while gold trading supports financial stability, inefficiencies continue to raise concerns.
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