GoldBod losses: Why act like Ghana has never lost money on Gold? – Manteaw

Policy analyst Dr Emmanuel Steve Asare Manteaw has defended the Ghana Gold Board’s (GoldBod) losses in its domestic gold purchase programme. Dr Manteaw argues that the losses should not be seen as unprecedented, as Ghana has experienced similar losses in previous years. In 2022, 2023, 2024, and 2025, GoldBod incurred losses, prompting the question of why the current losses are causing concern.

Dr Manteaw notes that in 2024, Ghana experienced a combined loss of ¢5.7 billion from gold for oil and domestic gold purchases for reserves. Despite this, Dr Manteaw contends that the reported losses should be viewed as transaction costs incurred to secure significant foreign exchange for the economy. He points out that Ghana's gold export revenue of $4 billion in that year was significantly lower than the value of the transactions.

Dr Manteaw emphasizes that the assessment should consider the total gain from the programme, not just the losses. He highlights the benefits of the programme, including foreign exchange stability, lower import costs, lower inflation, and lower interest rates. These benefits, he argues, outweigh the costs incurred through the GoldBod programme.

Dr Manteaw acknowledges the challenges GoldBod faced entering a market dominated by foreign buyers, who often purchased gold at a discount. However, he maintains that incurring losses is a necessary cost to win over Ghanaian miners and secure substantial foreign exchange.