GoldBod’s $1.7bn loss is worth it; forex gains have stabilised Ghana’s economy, Manteaw says

Dr. Emmanuel Steve Asare Manteaw, Co-Chair of the Ghana Extractive Industries Transparency Initiative, argues that GoldBod's $1.7 billion loss is offset by foreign exchange gains and economic benefits. He emphasizes that previous governments also incurred high costs through gold purchase programs, suggesting that the current losses should not be a cause for concern.

Dr. Manteaw points out that Ghana's economy has benefited from the stability in foreign exchange, which has enabled businesses to plan better and reduced import costs, creating investment opportunities. He notes that this stability could support the government's 24-hour economy by encouraging businesses to import machinery. Dr. Manteaw acknowledges the concern over the sustainability of the losses but emphasizes that GoldBod's initial strategy should be understood in the context of the market conditions it faced when entering the gold market.