Accra: Policy analyst and Co-Chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), Dr Emmanuel Steve Asare Manteaw, has defended the losses recorded under the Ghana Gold Board's (GoldBod) domestic gold purchase programme. He argues that these figures should be evaluated in light of the wider economic benefits of the initiative.
According to Ghana Web, Dr Manteaw addressed criticisms focused on GoldBod's reported losses during an appearance on JoyNews on Tuesday, August 18, 2026. He emphasized that Ghana has consistently recorded losses from gold purchase programmes in past years without attracting similar scrutiny. Dr Manteaw pointed out that Ghana incurred losses from 2022 to 2025, questioning why these did not raise alarms previously. He specifically mentioned a combined loss of about GHS5.7 billion from the Gold-for-Oil programme and domestic gold purchases in 2024.
Dr Manteaw stressed that the emphasis should be on the foreign exchange generated through these transactions and their broader economic impact. He argued that incurring a loss of $1.7 billion to bring in $10 billion should not be considered a problem. He further explained that the losses reported should be viewed as transaction costs and not as evidence of financial failure.
He encouraged an assessment of GoldBod that considers how much was spent compared to what the programme has contributed to the economy, especially in terms of foreign exchange. The economist highlighted the importance of understanding the quantum of forex that GoldBod has brought in and evaluating the spending against its economic impact.
Dr Manteaw maintained that the broader economic impact could outweigh the associated costs of the programme. He noted that the foreign exchange stability supported by GoldBod could aid businesses in planning more effectively, reducing import costs, and creating conditions for lower inflation and interest rates.
He acknowledged concerns over the sustainability of GoldBod's losses, approximately US$1.7 billion, but urged consideration of the circumstances under which GoldBod entered the gold market. Dr Manteaw explained that Indian, Chinese, and Turkish buyers had established relationships with Ghanaian miners, providing financing and equipment in exchange for gold. GoldBod had to offer competitive prices to attract miners away from these foreign buyers, resulting in costs that could not be immediately recovered.
Dr Manteaw concluded by urging critics to assess GoldBod's reported losses alongside the programme's contributions to foreign exchange reserves, exchange-rate stability, and the broader economy.