GoldBod made strategic loss for a bigger national economic gain – Kojo Yankson

Kojo Yankson, host of the Joy FM Super Morning Show, has argued that the much-discussed losses linked to Ghana’s gold operations were strategic decisions taken in the national interest, and that their broader economic benefits are already visible.

Speaking during the news review segment of the programme on Monday, January 5, Mr Yankson said the issue had been overly politicised despite being rooted in verifiable data and economic policy choices.

He stressed that the International Monetary Fund’s report on the matter was based on figures supplied by Ghana and should not be treated as speculative or partisan.

According to him, while a $214 million trade loss was recorded, it was not a failure of the Ghana Gold Board (GoldBod) but a loss reflected on the books of the Bank of Ghana under its gold purchase programme.

He noted that this distinction has often been ignored in public debate, leading to confusion about the true source of the loss.

Mr Yankson further pointed out that GoldBod itself has reportedly posted a surplus of about GH¢1 billion, underscoring the fact that the gold trading architecture has yielded net benefits for the economy. He said such outcomes demonstrate that the loss was part of a deliberate strategy rather than mismanagement.

“Listen, it was a loss, there’s no doubt about that, but it was also a strategic loss,” he said, adding that “they strategically lost that money, and the evidence is quite clear. This is something that businesses do quite often.”

He maintained that when assessed holistically, the gains to the national economy far outweigh the short-term loss.

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