Accusations that the Gold Board (GoldBod) is purchasing gold from small-scale miners at discounted prices have been firmly rejected by Dr. Steve Manteaw, Co-Chair of the Ghana Extractive Industries Transparency Initiative (GHEITI).
Speaking in response to recent comments made by Ghanaian politician Kofi Koranteng, Dr. Manteaw described the claims as misleading and damaging to public understanding of the gold trade.
“GoldBod is not buying gold at a discount. I say this on authority, as Co-Chair of the Ghana Extractive Industries Transparency Initiative and an expert on the subject.”
Dr. Steve Manteaw, Co-Chair of the Ghana Extractive Industries Transparency Initiative (GHEITI)
Dr. Manteaw explained that what some perceive as a reduction in gold prices received by miners is actually the result of currency fluctuations rather than any artificial discount imposed by GoldBod.
He emphasized that the exchange rate plays a decisive role in how international gold prices are converted into cedis for local transactions.
“Under the previous government, the cedi depreciated to about GHC17 to the dollar. At that time, the international price of gold was multiplied by 17, so miners received more in cedi terms.
“Today, the cedi has appreciated to around GHC12 to the dollar, which means the same international price multiplied by 12 yields less.”
Dr. Steve Manteaw, Co-Chair of the Ghana Extractive Industries Transparency Initiative (GHEITI)
The GHEITI Co-Chair stressed that this difference is a straightforward economic reality rather than evidence of discounted purchases, adding that such misconceptions stem from either a lack of understanding or deliberate attempts to misinform the public.
Warning Against Misinformation
Dr. Manteaw did not mince words in his criticism of Koranteng’s assertions, calling them “sheer ignorance or mischief on display.” He warned that unfounded commentary risks misleading the public and distorting economic debates around Ghana’s gold sector.
“It is annoying to hear individuals speak as if they were authorities on the subject. Such commentary misleads the public and distorts the economic understanding of the sector.”
Dr. Steve Manteaw, Co-Chair of the Ghana Extractive Industries Transparency Initiative (GHEITI)
By directly addressing the allegations, Dr. Manteaw sought to reaffirm confidence in GoldBod’s operations and the integrity of the gold trade.
He underscored that the institution’s activities are transparent and aligned with global pricing standards.
The controversy began when Kofi Koranteng alleged that GoldBod was purchasing gold from small-scale miners at prices below international benchmarks.
GoldBod, established to support government efforts in managing the country’s gold resources, works closely with both large- and small-scale miners to ensure fair trade practices.
The body is also tasked with stabilizing domestic gold supply chains, enhancing revenue collection, and supporting Ghana’s broader economic goals.
Broader Implications for the Mining Sector
Ghana, Africa’s leading gold producer, relies heavily on mining as one of the key contributors to its economy. Small-scale mining, in particular, plays a significant role in providing livelihoods and supporting rural economies.
Allegations of unfair trade practices therefore carry weight, not only for the credibility of GoldBod but also for the confidence of miners and investors in the sector.
Dr. Manteaw’s rebuttal, therefore, was more than just a defense of GoldBod, it was a call for greater responsibility in public discourse around mining.
He urged politicians, commentators, and industry observers to ground their statements in facts and avoid stoking confusion with unsubstantiated claims.
As Ghana continues to strengthen its mining governance, transparency remains central to policy and practice.
Institutions like GHEITI play a crucial role in holding industry players accountable while ensuring that the public receives accurate information about resource management.
For Dr. Manteaw, defending the facts is part of safeguarding the credibility of the sector. He stressed that while the exchange rate may cause miners to perceive lower returns in cedi terms, the international value of their gold remains unchanged, and GoldBod’s pricing practices reflect this.
The GHEITI Co-Chair reinforced the message that Ghana’s mining industry must be built on sound economic principles, accurate information, and strong institutions.
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