GoldBod had to ‘pay more’ to beat Indians, Chinese in Ghana’s gold market – Manteaw
Co-Chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), Dr Emmanuel Steve Asare Manteaw, says the financial losses recorded by the Ghana Gold Board (GoldBod) must be viewed within the context of the highly competitive gold market it entered.
Dr. Emmanuel Steve Asare Manteaw, Co-Chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), has explained why the Ghana Gold Board (GoldBod) was forced to pay higher prices to win over Ghanaian miners in the competitive gold market. This decision resulted in financial losses for GoldBod, as they had to acquire gold at market price while foreign buyers, particularly the Indians and Chinese, purchased at a discount.
These foreign entities were also providing resources and equipment to miners in exchange for gold. GoldBod, lacking additional support for miners, had to compete primarily on price, a costly endeavor. Despite the uncovered costs, Dr. Manteaw believes the losses must be viewed within the context of the strategic challenge GoldBod faced when tasked with regulating the gold trade in Ghana.
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