GoldBod losses: Why act like Ghana has never lost money on Gold? – Manteaw
Policy analyst and Co-Chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), Dr Emmanuel Steve Asare Manteaw, has challenged criticism of losses recorded under the Ghana Gold Board’s (GoldBod) domestic gold purchase programme.
Dr Emmanuel Steve Asare Manteaw, a policy analyst and Co-Chair of the Ghana Extractive Industries Transparency Initiative, has defended the Ghana Gold Board's (GoldBod) domestic gold purchase programme despite criticism over reported losses. Manteaw argues that Ghana has experienced losses from similar programmes in the past without drawing the same level of concern.
He questions why the 2024 loss of ¢5.7 billion (which included $1.8 billion from Gold for Oil and $3.8 billion from domestic gold for reserves) is being treated as unprecedented when the total gold export revenue that year was only $4 billion.
Manteaw emphasizes that the reported losses should be viewed as transaction costs incurred to secure significant foreign exchange for the economy. He believes that governments, including previous ones, have incurred similar transaction costs without any issue. The assessment should focus on the value Ghana gained from the programme compared to what it spent.
Manteaw highlights the foreign exchange stability, lower import costs, lower inflation, and lower interest rates as benefits of the programme. He believes these factors outweigh the transaction costs.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
