Dr Emmanuel Steve Asare Manteaw, co-chair of GHEITI, has defended the Ghana Gold Board's financial losses as necessary costs in gaining control of the gold market, arguing that Ghana has recorded losses from gold purchase programmes in previous years (2022–2025) and that the focus should be on foreign exchange generated rather than losses alone. In 2024, Ghana recorded total losses of ¢5.7 billion from the Gold for Oil programme and domestic gold purchases for reserves, while gold export revenue that year was $4 billion.
19 August 2026 · Joy Online →
According to Dr Emmanuel Steve Asare Manteaw, co-chair of the Ghana Extractive Industries Transparency Initiative, the Ghana Gold Board's financial losses stem from having to offer higher prices to miners in order to compete with foreign buyers—particularly Indians and Chinese—who had already established relationships with miners and provided them money, equipment, and resources in exchange for gold.
19 August 2026 · Joy Online →
Ghana's Co-Chair of GHEITI Dr Emmanuel Steve Asare Manteaw argues that the Ghana Gold Board's $1.7 billion loss is warranted by the foreign exchange gains and economic stabilisation it generates, noting that previous governments similarly incurred losses through gold purchase programmes across 2022–2025.
19 August 2026 · Joy Online →
Policy analyst Dr Emmanuel Steve Asare Manteaw argues that Ghana's Gold Board losses are not unprecedented, citing losses in 2022, 2023, 2024, and 2025. He notes that in 2024 Ghana recorded a combined loss of ¢5.7 billion from Gold for Oil and domestic gold purchases for reserves, and argues these should be viewed as transaction costs for securing foreign exchange rather than unexplained losses.
19 August 2026 · Joy Online →