GoldBod: Reported $214 million not a loss but economic cost

Read Article

Comments (19)

This article is closed for comments.

Read Comments Comments (19)

Abu Ramadan 1 month ago

Twentwenaaa NPP wants to do by force propaganda with it. Enfa

Twentwenaaa NPP wants to do by force propaganda with it. Enfa
Kramai 1 month ago

It's also because we are only exporting raw gold and not refining any at all, building a refinery up to international standard is not that easy in our part of the world

It's also because we are only exporting raw gold and not refining any at all, building a refinery up to international standard is not that easy in our part of the world
Pelicles. 1 month ago

To Senyo Hosi or whatever your name is, with all the long write up, imagine something like this happened under NPP, how would you have seen it, a loss or economic cost?

When the shoe is on the other foot, it hurt but. A n ...
read full comment

To Senyo Hosi or whatever your name is, with all the long write up, imagine something like this happened under NPP, how would you have seen it, a loss or economic cost?

When the shoe is on the other foot, it hurt but. A nation is destroyed from within due to such crass hypocrisy. NDC did not set up any GoldBod when they were in power from 2012-16, and the question is why?

If the $214million is a loss, who will send you or who to be shot at the Teshie firing range? You are trying to paint a dirty wall but that is Ghana because remember that the world will not end tomorrow and NDC will not rule forever.
Agrandia 1 month ago

Hey @Pelicles: shut up your stinky mouth..!!!

Was it not the IMF which caught your criminal Ernest Addison & that Julor Kwakwe “FUGI-THIEF”... (Ken Ofori-Atta) pants down, when they were secretly printing those 87 bil ...
read full comment

Hey @Pelicles: shut up your stinky mouth..!!!

Was it not the IMF which caught your criminal Ernest Addison & that Julor Kwakwe “FUGI-THIEF”... (Ken Ofori-Atta) pants down, when they were secretly printing those 87 billion cedis at the Bank of Ghana to fund your NPP party? Were you people not ashamed when the IMF forcefully sent their "IMF Fiscal IGP" to the Bank of Ghana to come and physically guard all the thievery & evil things that you were doing at the place? Animguase animals…!!!!!!
Concerned Citizen 1 month ago

Great analyses. This is true brains and knowledge of economics, not Bawumia's type of economics. I am not sure if Bawumia will even understand these analyses, which are not written in Mampruli.

NPP is useless. I voted for ...
read full comment

Great analyses. This is true brains and knowledge of economics, not Bawumia's type of economics. I am not sure if Bawumia will even understand these analyses, which are not written in Mampruli.

NPP is useless. I voted for them in 2016, and I seriously regret doing so, because I think we those who voted for Nana, thereby making him win, and he followed up to steal it in 2020 are part of what happened in Ghana under NPP. I refused to vote in 2020 (which I regret for not voting) because it was already clear that NPP was messing up big with the country and I was reluctant to vote for NDC. However, I was the 3rd person to vote at my polling station in 2024, and I voted for NDC (not because I liked NDC), but because enough was enough with NPP; and I can say it as I sit writing this piece that I have not regretted at all, and really hope NPP stays in opposition for at least 20 years because they are nation wreckers.

I think a majority of Ghanaians have practically realized the positive impact the NDC has made in less than one year:- reduced prices of food and other goods, reduced fuel prices, marginally reduced transport fares, a strong currency (which we hope it gets even stronger to below 10 cedis to 1 dollar in 2026). These changes (particularly drastic reductions in food prices) have saved millions of lives in Ghana. If there was the need for us to lose 214 million dollars (whether in accounting sense or economic sense) in order to save millions of lives, it was a good loss. 214 millions dollars divided by 36 million people is just a mere 6 dollars (about 66 cedis) per head, which is far less than the daily gains we get from buying food stuff, buying gasoline, travelling etc. To conclude, if there was a serious third party, I will probably try them at one point in time, but as that is absent now, I will be voting for NDC every election year. I only hope NDC can get somebody in their ranks like Mahama to take over when his tenure ends.

A long death to NPP is a long live to Ghana.
Ghanaba 1 month ago

Nice write up. Thank you.

Nice write up. Thank you.
seriously? 1 month ago

i DID NOT KNOW THIS IS GUY THAT STUDPID AND UNINTELLIGENT!. BOOT LICKERS AND BAD FRIENDS. i WAS ONCE AT A PROGRAM WITH HIM AT REBECCA AKKUFFO ADDO'S HOUSE, AND THE WAY HE BEHAVED, ..INDEED THERE ARE HYPOCRITES IN GHANA.

BU ...
read full comment

i DID NOT KNOW THIS IS GUY THAT STUDPID AND UNINTELLIGENT!. BOOT LICKERS AND BAD FRIENDS. i WAS ONCE AT A PROGRAM WITH HIM AT REBECCA AKKUFFO ADDO'S HOUSE, AND THE WAY HE BEHAVED, ..INDEED THERE ARE HYPOCRITES IN GHANA.

BUT IS IS TRULY AN IGNIRANT POSITION
Concerned Citizen 1 month ago

Do you mean you were at me at Rebecca Akkuffo Addo's house with me or someone else, Mr. all caps man? Your senses are seriously warped! I have never been to any politician's house and will never do so. Mind you, I am very sel ...
read full comment

Do you mean you were at me at Rebecca Akkuffo Addo's house with me or someone else, Mr. all caps man? Your senses are seriously warped! I have never been to any politician's house and will never do so. Mind you, I am very self sufficient and so I do not need to lick a politicians boots (by visiting them in their houses) like your jeck .ss in order to survive.

Silly is your name: for your education, we use caps/capital letters for only titles of write-ups, but not for an entire write-up.
Concerned Citizen 1 month ago

Do you mean you were with me at Rebecca Akkuffo Addo's house with me or someone else, Mr. all caps man? Your senses are seriously warped! I have never been to any politician's house and will never do so. Mind you, I am very s ...
read full comment

Do you mean you were with me at Rebecca Akkuffo Addo's house with me or someone else, Mr. all caps man? Your senses are seriously warped! I have never been to any politician's house and will never do so. Mind you, I am very self sufficient and so I do not need to lick a politicians boots (by visiting them in their houses) like your jeck .ss in order to survive.

Silly is your name: for your education, we use caps/capital letters for only titles of write-ups, but not for an entire write-up.
be wise 1 month ago

Amazing explanation; we are grateful for your education.

Amazing explanation; we are grateful for your education.

Dogo 1 month ago

Very impressive analysis of the issue at hand. You have really made me understand this whole issue. It is not really a loss considering the fact that the benefits that country has enjoyed as a result of the DGPP outweighs the ...
read full comment

Very impressive analysis of the issue at hand. You have really made me understand this whole issue. It is not really a loss considering the fact that the benefits that country has enjoyed as a result of the DGPP outweighs the presumptive loss. I think the IMF could have done better explaining how and why they called it a loss because in this country opposition parties are always quick to jump on any mishap or misfortune of the ruling party to make unnecessary noise.
Bediako Asa 1 month ago

My understanding of this write up is that of NDC at her best. No change at all. This kind of economics happened during Mahama 1 administration. Guys dont be emotional and but objective. Mahama 1 administration school blocks ...
read full comment

My understanding of this write up is that of NDC at her best. No change at all. This kind of economics happened during Mahama 1 administration. Guys dont be emotional and but objective. Mahama 1 administration school blocks were constructed by NDC govt at say 14, 000 dollars when the average person was constructing the same school block for 1000 dollars. By next year we shall get the real intepretation of this Gold Bod 214 million dollar loss.
This is the laymans intepretation of this saga. Business people buy say a kilo of gold at 1000 dollars and sell it in World market at 1300 dollars making a profit of 30 dollars. Gold smugglers in Ghana by pass the Business people and sell their gold at the World Market for 1300 dollars. GoldBod is saying in order to descourage smuggling they pay the World market price and sell it at the world market price, 1300 dollars making no profit or loss. However operational cost of their workers. This is VODOO econoomics, NDC at its best Si if the government can do this to prevent smuggling of gold, why doesnt the government pay the World market price for our poor Cocoa farmers. They will buy a ton of cocoa from our farmers for say 1000 dollars and sell it at the World market for about 5000 dollars Keep your fingers cross for next year , what the government will say about this Gold BOD deal
don 1 month ago

another fool,is there economic cost

another fool,is there economic cost
Wilson 1 month ago

A good display of intellect. To those of you who are illiterates in economics, accounting and finance please better shut up!
The lost IMF stated is not from tradeoffs. It emanate from BOG's gold reserve policy. It's an opp ...
read full comment

A good display of intellect. To those of you who are illiterates in economics, accounting and finance please better shut up!
The lost IMF stated is not from tradeoffs. It emanate from BOG's gold reserve policy. It's an opportunity cost to BOG for not selling the gold but reserving it.
The write up explains it all.
EGYIR 1 month ago

SENYO HOSI. AS INWARD LOOKING AS YOU ARE, WE ARE MONITORING AND TRACKI NG EVERYTHING YOU ARE SAYING TODAY. REMEMBER THE VOTER REGISTER HAS OVER 18 MILLION VOTERS AND NDC HAD OVER 6 MILLION. DID YOU EVER BELIEVE MAHAMA WOULD B ...
read full comment

SENYO HOSI. AS INWARD LOOKING AS YOU ARE, WE ARE MONITORING AND TRACKI NG EVERYTHING YOU ARE SAYING TODAY. REMEMBER THE VOTER REGISTER HAS OVER 18 MILLION VOTERS AND NDC HAD OVER 6 MILLION. DID YOU EVER BELIEVE MAHAMA WOULD BE PRESIDENT AGAIN. WE ARE WATCHING YOU
WE KNOW WHERE YOU STAND TODAY. YOU JUST HATED NPP. WOULD YOU HAVE MADE THIS ASSERTION IF THIS WAS AN NPP POLICY. IN POLITICS, ANYTHING CAN HAPPEN. REMEMBER EVEN AKUFFO ADDO AND BAWUMIA AS INCOMPETENT , CORRUPT AND WICKID AS THEY ARE HAD THE GOODWILL OF THE PEOPLE DURING THEIR EARLY YEARS. YOU ARE INWARD LOOKING AND A HYPOCRITE. YOI HAVE NO CREDIBILITY OR INTEGRITY. TODAY, YOU KNOW MORE THAN IMF. YOU AND YOUR DARLI NG BOY SAMMY GYAMFI WOULD ANSWER ONE DAY. YOUR TIME WOULD COME.
It's pathetic 1 month ago

Why? Why can't you resort to insult when important national issues are being discussed.One would have thought that you will bring your economic counter argument,but NO.Bdcause you haven't got one you resorted to insult.You're ...
read full comment

Why? Why can't you resort to insult when important national issues are being discussed.One would have thought that you will bring your economic counter argument,but NO.Bdcause you haven't got one you resorted to insult.You're a pathetic soul.
Nkrumahlist 1 month ago

Bunch of our parliamentarians are illiterate. Why ?

Because they are just lawyers, not economics sense,nor scientific senses . Yes, Einstein said , we can apply logic to get us from A-Z but one has to have imagination i ...
read full comment

Bunch of our parliamentarians are illiterate. Why ?

Because they are just lawyers, not economics sense,nor scientific senses . Yes, Einstein said , we can apply logic to get us from A-Z but one has to have imagination in the end at at Z point bec it is that imagination drives us to innovation to further inventions creativity.. this is very simple thoughts.. yes , the logic reported by the IMF is not just there… we need to have creative system thinking analysis to check the reportin issue and imagines where that that takes us to? A actual loss of a Policy intervention loss?
Some of these lawyers up at parliament, as politicians, do not even have simple system thinking ideology or procedures.

They just like a running horse … looking only straight ahead to finish a race, with no thinking of how to avoid getting injured in course of running the race.

1. You are parliamentarian, you are a lawyer; serving as , politician , only looking forward to take advantage of the opportunity from your opponent moves.
It is stupid if you rush into conclusion.

2. We have economist, scientist, policy driven analysts and all highly knowledgeable personnel in Ghana. If the so call IMF flags anything at all, from their monitoring the economy structure and policies upon which Ghana is embanking,

Yes, thats right they come out with any indication or information so that could be scrutinizes and clearly explain for way forward .

3. These politicians and stooges lawyers who call themselves the minorities, just jump in the air …like one Oppong Nkrumah and their stupids fools, held stupid press conference , just to cause panic, and confusions of which triggers multiple effects on people assumptions.

The very institution tracking and eradicating the highly smuggling of the gold production labeled as an out come agency that operates at loss …Did the gold bound agency setup solely to make direct operational profits?

It is to support the Bank of Ghana hence if the bank is has sink in funds to establish or maintaining its watchful dog to tame the smuggling of gold ,why will you guys accused Sammy Gyamfy operational agency as a loss entity? Fools , tell me ?

What loss is that?

If we spend money to institutes a track of smuggling gold , why can’t we also acknowledges the fact that the gold output has surge ;and thus smuggling is down ;and that our reserves are up ;and thus our inflation is down ;and thus our foreign exchange is stabilizing?
Can we explain this to the road side kenkey seller and make sense to???? Rather than a. Lawyer in parliament?

4. These fools politicians ….

They will Call for unnecessary press conferences and make stupids statements all but to push the bottom of panic.

It’s a shame that the constituents are Naives they just votes for these fools to make numbers in the parliament. Never NPP again , they are the pure illiterate thieves. Like Wotimumi because he has these NPP stupids lawyers backing to do raw day light selling and bragging.Yet the party never say anything about the loss of gold through his agency smugglers send out of the country.

If established Gold Bond can stop the leakages at least a 50% of gold smuggling outside the main stream gold exports this country can maintain a study flow of gold reserve accumulation and in the end , better our economy .
Uncle Benn
Anonymous 1 month ago

A perfect homemade economic analysis, Senyo. Thank you. Our economic freedom should be determined by international organisation (IMF) whose model does not align with our context (Ghana) rather Washington and yet we as Ghanaia ...
read full comment

A perfect homemade economic analysis, Senyo. Thank you. Our economic freedom should be determined by international organisation (IMF) whose model does not align with our context (Ghana) rather Washington and yet we as Ghanaians take their report and run with it as if our economists don’t have brains of their own to produce similar when given the opportunity. As a member of the NPP, I think our so called economists like the former Vice President who is no longer discussing economy of Ghana, because he has lost his credibility, followed the path of IMF and where and how did it end?

We should be circumspect in staging our propaganda against the current government, as mess we created in Ghana is fresh in the memories of Ghanaians. Honourable Kojo Oppong Nkrumah who has the background in statistics and in law is acting as if he has all the economic solutions to Ghana’s problems but when we were government such ideas never solved any of the economic woes we endured as a country. Ghanaians are not fools anymore to believe in anything we say as they can determine the difference between us and the positive conduct of the current government.
Col.Q 1 month ago

Brilliant analysis, Hosi!!! Reading between the lines, one realises what the opposition is up to, TOTAL MISCHIEVE; an attempt to as usual throw dust in the eyes of Ghanaians! The Govt., GOLDBOD and well-meaning and patriotic ...
read full comment

Brilliant analysis, Hosi!!! Reading between the lines, one realises what the opposition is up to, TOTAL MISCHIEVE; an attempt to as usual throw dust in the eyes of Ghanaians! The Govt., GOLDBOD and well-meaning and patriotic Ghanaians, have now arrived at the threshold of their strategy and aims and are READY to capitalize on the "SITUATION"!! (They have arrived!). As usual the opposition are now waking up from their slumber and are now glaring at the "SITUATIONAL OPPORTUNISTICAL PLAYGROUND" (my own coined expression) put in place by the GOVT., BOG and GOLDBOD alliance. This "Alliance" HAVE MIXED THE CARDS NEW!!! "A wiseman is communicated to only in Proverbs" - )nyasani y3 bu ni b3 ....

19 Comments

Welcome,

SIGN IN

Welcome,

RESET PASSWORD

Hello,

Terms and conditions

REGISTER

GoldBod: Reported $214 million not a loss but economic cost

Read Comments .st0{display:none;fill:#14BDD3;} .st1{display:none;} .st2{display:inline;fill:#FC0F0F;} .st3{display:inline;fill:#FFFFFF;} .st4{display:inline;fill:none;stroke:#000000;stroke-width:6;stroke-miterlimit:10;} Comments (19)

Read Comments Comments (19)