{
  "id": 1886817,
  "title": "Goldbod’s losses were necessary – Steve Manteaw (Video)",
  "url": "https://urgent.news/2026/08/19/goldbods-losses-were-necessary-steve-manteaw-video",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-19T07:31:00.000Z",
  "source": {
    "name": "Adom Online",
    "slug": "adom-online",
    "url": "https://www.adomonline.com/goldbods-losses-were-necessary-steve-manteaw-video/"
  },
  "original_language": "en",
  "account": "Dr. Emmanuel Steve Asare Manteaw, Co-Chair of the Ghana Extractive Industries Transparency Initiative, has defended the financial losses incurred by the Ghana Gold Board, known as GoldBod. He argues that these losses are necessary as part of the board's efforts to gain control of the country's gold market. Manteaw notes that Ghana has faced losses from gold purchase programs in past years, but these incidents did not generate the same level of concern. He questions why this current situation is being viewed as problematic when similar losses were encountered before.\n\nManteaw emphasizes that the debate should focus on the amount of foreign exchange generated by GoldBod rather than solely on the financial losses. In 2024, for instance, GoldBod recorded a total loss of ¢5.7 billion from both the Gold for Oil program and domestic gold purchases for reserves. He points out that Ghana's gold export revenue that year was only $4 billion. Manteaw argues that incurring a loss of $1.7 billion to bring in $10 billion should not be considered a failure. He views these losses as transaction costs, which have been common in government operations in the past and have not raised concerns.\n\nThe analyst also stresses the broader economic benefits of the foreign exchange generated by GoldBod. This includes forex stability, lower import costs, reduced inflation, and lower interest rates, all of which support economic growth and stability. Manteaw advises stakeholders to consider these factors when evaluating GoldBod's losses, situating the discussion within the context of the challenges the board faced when it was tasked with regulating gold trade.",
  "summary": "Co-Chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), Dr Emmanuel Steve Asare Manteaw, has defended the financial losses incurred by the Ghana Gold Board (GoldBod), describing them as necessary costs in its bid to take control of the country’s gold market. The policy analyst argued that Ghana has incurred losses from gold purchase programmes […]",
  "key_points": [],
  "editors_take": "Goldbod's losses, though substantial, are framed as a necessary cost of gaining control over Ghana's gold market and generating significant foreign exchange benefits that support broader economic stability.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}