Dr Steve Manteaw, the Policy analyst and co-chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), has jumped to the defence of the Ghana Gold Board (GoldBod) over the reported $1.7 billion losses incurred through its gold purchasing operations.
According to Steve Manteaw, the figure should not be viewed in isolation or interpreted as evidence that the country’s gold purchase programme has failed.
He argued that there was nothing inherently wrong with the reported $1.7 billion loss, describing it as a transaction cost associated with the gold purchase programme.
Speaking in an interview on Joy News, Dr Steve Manteaw stated, “There is a certain level of insincerity in discussing this very issue, and we make it look like this is the first time Ghana is making losses in its gold purchase programme. I have looked at the data. 2022, we made a loss. In 2023, 2024, and 2025, we incurred losses in all those years. Why didn’t that become a problem?
“Let’s say, for instance, in 2024, we made a total loss of GH¢5.7 billion, GH¢1.8 billion from gold for oil and then GH¢3.8 billion from our domestic gold for reserves, a total of GH¢5.7 billion. How much export revenue did we bring in? A mere GH¢4 billion, and so if you had to incur a loss of $1.7 billion to bring in $10 billion, that for me shouldn’t be a problem.
“It means that what we call losses are transaction costs. For me, they are transaction costs, and all the governments over the years have been incurring transaction costs, and that has not become a problem.”
He asked, “So why this time around do we treat GoldBoard as if it is the first time we are making losses?”
“We don’t even consider the quantum of forex that GoldBoard has brought in, and so you need to look at the relativity, relativity. How much did you spend to bring in what, and what has been the impact?” he said.
“The impact, the economy-wide impact for me, exceeds the cost.”
He added, “Oh yes. You have forex stability, so a business can plan properly. Your imports have gone down. I mean, in terms of cost of your imports, have gone down”.
“Now, that gives you the opportunity if you use incentives to get people to import machinery, so that your 24-hour economy can benefit from the stability,” he said.
“Now, again, you have low inflation, you have low interest rates, and all these get to establish the foundation for economic growth.”
Meanwhile, the Institute of Fiscal Policy Governance has debunked claims by the Minority in parliament that the Ghana Gold Board (GoldBod) recorded a loss of approximately US$1.7 billion, or GH¢22 billion, in 2025.
According to the Institute of Fiscal Policy Governance, audited financial statements show a surplus of GH¢5.44 billion.
“These are not political estimates. They are figures contained in the audited financial statements of the institution,” the Institute stated.
They further accused the Minority of conflating GoldBod’s financial position with the financial consequences of the Bank of Ghana’s Domestic Gold Purchase Programme.
They highlighted that GoldBod and the Bank of Ghana are separate public institutions with distinct statutory functions, accounting records, balance sheets and reporting obligations.
The Institute of Fiscal Policy Governance argued that any loss recorded by the central bank in connection with monetary policy interventions cannot automatically be attributed to GoldBod without evidence showing the accounting and legal basis for such attribution.
According to the Institute, GoldBod’s role as an aggregator does not automatically make every cost or valuation movement recorded on the Bank of Ghana’s books a trading loss of GoldBod.
“The facts presently available are straightforward: GoldBod’s audited accounts do not report a GH¢22 billion loss. They report a surplus of approximately GH¢5.44 billion,” the Institute said.
Watch the video below:
@ghnow_ A man made some serious allegations against some politicians infront of the Parliament House #GHnow #fyp ♬ original sound – GHnow
@ghnow_ Minority Leader Afenyo-Markin Addresses GoldBod Losses #GHnow #fyp ♬ original sound – GHnow
