How can you sell Gold & make losses? It’s like selling Anwamoo and saying you made losses — Kennedy Kankam reacts to Ghana’s gold sector losses
Kennedy Kankam, a Ghanaian politician and former Member of Parliament for the Nhyiaeso Constituency, has hit on how successive governments have managed Ghana’s gold sector.
Reacting to reports of losses incurred in the gold trade over the years, Kankam questioned the logic behind a country rich in gold resources failing to benefit fully from them.
“How can you sell gold and make losses?” he asked. “It’s like selling braised rice, how do you sell braised rice and make losses?” His analogy resonated with many Ghanaians, capturing widespread frustration about resource mismanagement.
To Kankam, gold, like ready-to-eat food, is a high-value commodity with constant demand. Any losses, therefore, point not to market failure but to structural and governance problems.
Kankam speaking on Kessben FM with Wofa Kofi Appiah argued that Ghana’s losses stem from poor contracts, weak oversight, and lack of transparency in the gold value chain. From extraction and licensing to export and revenue collection, he believes inefficiencies and corruption have deprived the state of billions in potential income.
He questioned how intermediaries often profit while the nation, the true owner of the resource, records deficits.
The former MP also emphasized the need for value addition. According to him, exporting raw gold instead of refining and processing it locally is a major reason Ghana earns less than it should. “If we refine, brand, and control our gold properly, the story will be different,” he suggested.
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