Ibrahim Mahama’s Damang Mine Sells 3,000 Ounces to Govt — Strategic Move or Controversial?

Ajouté : 2026-05-06

[00:00:00]Doc, we're So, we're wrapping the the the the conversation, but of course, let's do that man, okay?

[00:00:05]Uh let me let me also respond to >> Uh plenty things. What?

[00:00:09]>> In one brief Oh, no, no, like 3 minutes.

[00:00:11]>> In one brief, Prof says that he hasn't read the report. In another brief, he's he's actually making an analysis on a 96 billion dollars and The standard of living of the Ghanaian people on the basis of our exchange rate alone that a driver that used to buy a gallon of petrol at 72 Ghana cedis now has to buy it at about 60 Ghana cedis. That standard of living is better.

[00:01:07]A a a young man who wants to build who used to buy a ton of iron rods at 9,000 now has to buy it at 6,500.

[00:01:16]>> Okay.

[00:01:17]>> The price of rice, the price of oil, the price of chicken, or what have you.

[00:01:21]We are not allowed to exaggerate outcomes of government policy, but when they are tangible improvement, we must be willing to acknowledge it. And my brother senior Poku made mention of the fact that Dr. Bawumia brought gold for oil, and what have you. Master They implemented gold for oil in January 20 No, hold on. VERY IMPORTANT. IN JANUARY 2023 IN JANUARY 20 NO, NO, NO.

[00:01:45]HE CANNOT DECIDE WHAT STATEMENT HE HAS TO MAKE. In January 2023 when they were implementing that policy dollar was at 8 cedis 57 pesewas. When they finished, it was at 16.

[00:01:55]When they were implementing gold for oil >> Hold on. No, that's wrong.

[00:01:58]>> And a liter of oil was 12 Ghana cedis.

[00:02:01]That is 30 >> That was 12. That's wrong.

[00:02:03]>> By the end of 2024, it was about 16 Ghana cedis. So, what was the relevance of gold for oil?

[00:02:08]There's no relevance.

[00:02:09]>> WHAT KIND OF RELEVANCE?

[00:02:11]>> AND AND AND AND AND and and and and he said that we are implementing an artificial economy because we have engaged in sterilizing no, BUT THAT'S IN 2024 THEY STERILIZED to a tune of 8.6 billion by the Bank of Ghana. Were they engaging in artificial >> Okay, but that's not the >> No, no, no.

[00:02:26]>> No, but that's fine.

[00:02:28]Let's let's let's make No, but that's fine. Let's educate. Let's put him on the Let's put HIM ON THE HOW MUCH did you say that petrol was in 2023?

[00:02:37]>> Ah, when they were implementing gold for oil It was 12 cedis 30 January 2023, you can check.

[00:02:44]>> Yes, but the the the domestic gold purchase program >> I'm talking about the gold for oil.

[00:02:48]You can go for oil.

[00:02:50]>> Before that, how much was the price of >> How much was How much was >> price of oil >> How much was >> How much >> How much was the dollar?

[00:03:00]>> doesn't care about >> How much was the dollar?

[00:03:02]>> He cares about cost of living. And you rightly mentioned that you cannot extricate inflation >> Okay, you can go >> That man has done everything well.

[00:03:11]The people of Ghana continuously repose confidence in the government. And they know clearly that the heavy lifting that needed to be done. Four items out of the courses.

[00:03:23]Two as because of the business money that was >> [laughter] >> The Ghanaian the Ghanaian knows that all that HE'S SAYING IS >> I leave it to my discerning audience to take the decision. Pulling away from this talk Um Professor Douglas Boateng says that the standard of living and inflation are bound like shadow and light. When prices rise without restraint, even honest labor loses its strength and the dignity of living quietly erodes. Happy May Day.

[00:04:00]Prof, thank you for Thank you for the message. Okay, so we're just learning that the government of Ghana is moving to purchase about 3,000 oz of gold from the mine mines.

[00:04:15]>> Also, yesterday I also read the report that the first 110 kg of gold from the mine mines is being bought by Gold Board. That reinforces our position that indeed local content participation, local ownership is extremely important.

[00:04:32]At the end of the day we've seen over several years how these expatriate mining companies who have a responsibility as far as corporate social responsibility and other things are concerned.

[00:04:47]We've seen how mining communities have fared and they are they are watching.

[00:04:51]I've heard several comments from Mr. Ibrahim Mahama about his intentions for the mine.

[00:04:56]Roads, connecting roads from the mine to Cape Coast, building an airport and so many things. I am happy that he's taking this initiative. Now, one of the most important thing that we must acknowledge is that these large-scale mining firms that are owned by foreigners, do you know they don't even assay their gold in Ghana?

[00:05:17]They don't even refine their gold in Ghana.

[00:05:19]They sell their gold outside of Ghana.

[00:05:22]Because of what Gold Board is doing presently, they are saying they will refine.

[00:05:28]This is going to create jobs for our youth.

[00:05:33]Many jobs for our young people who work in the refineries and other entities.

[00:05:38]So, really, really for me, I'm happy about it and I know that going forward more will be given will be sold to Gold Board.

[00:05:45]>> We'll generate our own 3,000 oz in never heard of Ghana.

[00:05:52]>> Okay.

[00:05:53]Okay.

[00:05:54]Okay.

[00:05:55]Okay.

[00:06:04]Okay.

[00:06:17]Okay.

[00:06:19]Okay.

[00:06:20]Okay.

[00:06:22]>> What does that Kojo What does that reserve mean to the average Ghanaian?

[00:06:41]government's banker, right? So, when government is in crisis, Yeah.

[00:06:46]Okay. I see Okay.

[00:06:51]Mhm.

[00:07:15]Okay.

[00:07:21]Let me hear from you. Kojo, you actually have a message here.

[00:07:25]Uh Master Planner Jnr. says that Honorable Kojo Oppong Nkrumah really made my morning. Great insights with facts and figures. In 2024, when Bank of Ghana made losses of 9.4 billion, Dr. Ayew and NDC used it as a campaign tool.

[00:07:37]Today, in 2026, it's making losses of 15.6 billion. And you want to explain.

[00:07:42]You will explain tire.

[00:07:43]>> I see him writing plenty >> The point The point is that Prof was trying to explain what negative equity means.

[00:07:53]And my brother said, "How can Prof, who is a professor and teaches in school, explain negative equity?"

[00:07:58]>> No, I didn't say that.

[00:07:58]>> No, no, you said that. No, you didn't.

[00:08:00]>> I said No, I didn't say that. No, I [laughter] didn't.

[00:08:04]NO, NO, WHAT HE SAID WAS >> NO, NO.

[00:08:09]WHAT HE SAID WAS >> NO, NO.

[00:08:14]>> I am saying No, I am saying >> Prof actually understand what I'm saying.

[00:08:19]I'm the one saying >> So, that's what you gleaned from what I said.

[00:08:21]>> Yes. My interpretation of what you >> That's fine.

[00:08:24]>> But >> One minute.

[00:08:26]>> Before I even made my statement, I had inquired to confirm the figure from him.

[00:08:30]>> Thank you.

[00:08:30]>> And we have also made a lot of >> [laughter] >> We HAVE A WE HAVE A MENTION OF >> [laughter] >> WE HAVE A MENTION WE HAVE A MENTION LISTEN.

[00:08:44]>> THE THE THE THE THE IT'S PART OF I SHOULD HAVE >> [laughter] >> VERY CRITICAL.

[00:08:52]>> OF THE OF THE OF THE OF THE OF BECAUSE AS YOU WE CAN'T WE CAN'T WE CAN'T WE CAN'T LET'S go to the No, no, no, NO, WE CAN'T YOU SEE, WE CAN'T not bring in DDEP.

[00:09:03]>> BRO.

[00:09:03]>> BECAUSE PERCENT OF THE NEGATIVE EQUITY >> FOR EXAMPLE, WHERE WERE YOU >> NO, 50% of the negative equity >> Allow Allow Allow him >> No, no, 50% of the >> You can You can be talking about DDEP till the cows come home, right?

[00:09:14]Ghanaians have been consistent.

[00:09:16]>> They have not moved on.

[00:09:17]>> Please.

[00:09:18]>> We have A NEGATIVE EQUITY AND OUR PEOPLE ARE STILL SUFFERING FROM IT.

[00:09:21]>> IF YOU HAVE NOT MOVED on >> Because of DDEP >> LET'S MOVE ON.

[00:09:25]50% >> SUPPOSE MONEY, THEY SHOULD MOVE ON.

[00:09:27]>> 50% >> YOU GET NEGATIVE >> We want to go back to the things that you guys have done. Hold [laughter] on.

[00:09:31]Hold on. Hold on. But you see >> No, no, that's not what we >> Let me Let me Let me go there. They are not going back. And I And I appreciate that.

[00:09:37]>> I just >> want to hear you on the 3,000 homes.

[00:09:39]>> The The issue that my brother is making, let me spend 1 minute of my time correct that mischief that he's doing.

[00:09:45]>> Which one of them?

[00:09:46]>> Which is the DDEP that he keeps talking talking >> But it's not mischief.

[00:09:49]>> Hold on, my brother, please.

[00:09:51]You see the the the the You can use your time [laughter] for that. You can use your time for that. You see, the debt exchange program which happened was as a result of the government had no having space to breathe because of over borrowing.

[00:10:09]Which we now went to the debt market and said, "Let's restructure our debt."

[00:10:14]Which is what he are calling DDEP.

[00:10:16]Which is debt restructuring.

[00:10:19]We've done that. Today the NDC have come and have committed the country to 10 billion dollars that we don't have money for.

[00:10:28]Where do you think it's going to take us again? Not another DDEP. But let's wait.

[00:10:32]We'll sit there [laughter] and have that conversation.

[00:10:33]Let me make my point.

[00:10:36]Let me make my point, my man. [laughter] You see, there's a lot going on about the daman.

[00:10:42]And I think everybody is trying to do a lot to make it look like the daman is a good idea.

[00:10:47]You see, as an entrepreneur, I have nothing against private Ghanaian owning something.

[00:10:53]But it's the manner in which we are pushing this private Ghanaian agenda.

[00:10:58]Look, if you read all the international reports, the international community in the mining community are jittery.

[00:11:05]Because they see a certain trajectory that they are not happy with. We could say that we are Ghanaian, we don't care because >> What are you saying?

[00:11:12]>> I'm saying that >> What are you What do you think they're saying?

[00:11:13]>> No, they're saying that they they think that because you see, the politically exposed person, which is Ibrahim Mahama, is the one who is benefiting as a result of these policies. And that's the fact.

[00:11:25]Now, if a politically exposed person is benefiting from these policies, as a Ghanaian businessman, there's nothing wrong with it. But, look at the interpretation that the international communities are putting around it. Now, it's not like you are a country that you are not getting on the next plane to go and do road shows for investors. You are out there trying to bring in international investors to Ghana to do other things you are trying to do. And the message you are sending across is that you are happy to now take This thing has never happened. Where an international company whose lease are up and was never renewed. It's never happening now.

[00:12:01]Everybody's lease have expired, is renewed for them.

[00:12:04]You can have all the reasons that you give why you think Ibrahim should have it. No problem. He's Ghanaian by all means. But, we seem to be doing too much and within shortest possible time they've got gold to gold board trying to do PR and all these things.

[00:12:18]>> [laughter] >> Nobody has a problem with these things.

[00:12:21]Because, you know what?

[00:12:23]There is always a time that's going to come.

[00:12:26]That time will come. Whether that's 4 years, whether 2 years, whether 10 years.

[00:12:31]A new administration will come and will be able to look at that gold board books and determine what towards or onto it went on.

[00:12:41]>> Okay.

[00:12:41]>> That's all I have to say.

[00:12:43]>> So, so, so, so, so, so, so, so, so, so.

[00:12:44]>> Oh, I see. Why? Is it Is it a time >> No, no, no, no, no, no, no, no, no, no, no, no, no.

[00:12:47]>> No, no, no.

[00:12:47]>> OH, WHY YOU >> NO, NO, NO, NO, NO, NO, NO, NO.

[00:12:49]>> LET'S TALK ABOUT THE DDEP.

[00:12:49]>> NO, NO, NO, NO, NO, NO, NO, NO, NO, NO, NO, NO, NO, NO, NO.

[00:12:51]>> Let's talk about the 3,000 oz.

[00:12:52]>> Oh, excellent. I'm happy. I'm >> As for the DDEP >> I'm happy. To be To be fair, if you take the reports, the BoG cites it. So, it's not that it is being imported for me.

[00:13:01]>> no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, of affairs when the exploitation of our natural resources is concerned. So, excellent. But, you see, we you see we want to drive the right political culture. A political culture that is consistent. A political culture driven by principle. You understand?

[00:13:23]And because of that the DDEP issue is very, very critical. Because this negative equity that my professor here is saying that my professor who said he had not read the report and yet had a basis to to to to to explain the negative equity.

[00:13:39]And negative equity which has the DDEP constituting 50%. Now when you say DDEP, what does it mean?

[00:13:47]>> N S >> For the first time on the on the No no no just just 1 minute.

[00:13:52]>> Okay, because the time is done.

[00:13:54]>> The fundamental uh uh column 101 tells us that the safest place to this your money is with government. So when government comes and says that listen, I've taken your money that I can't pay so let's restructure.

[00:14:06]Because that was the only reason why you restructure is not because the space is is because you can't pay in simple terms. So you know what I'm saying? I'm supposed to pay you So you know you know just a minute. I'm supposed to pay you today but I will let me pay you in 10 years. 10 years. Now the subject is that they're also taking money from Bank of Ghana in terms of the bonds and they wrote off 82 billion without parliamentary approval. You understand?

[00:14:29]And so if if the MPs come to tell us that oh negative equity and and the way the cost was where the cost of of of the DDEP uh uh and then we need to look at ourselves. You understand? And so I agree with the loss and liability and liability >> People want to do business [clears throat] in support of them. But then if it's interesting to know how many on You said is it a big deal?

[00:14:54]That's the question you asked. Is it a big deal?

[00:14:57]300 oz of gold.

[00:14:59]>> 3,000.

[00:14:59]>> 3,000. Today's value uh price of oz is about 2,300 or so between that figure.

[00:15:06]Multiply that by that 3,000. It's about 790 something thousand dollars.

[00:15:13]Ghana annually we produce almost 4 billion 4 million oz.

[00:15:18]So if 3,000 is a headline then what about the 6 something million that we can only make that as a headline.

[00:15:24]>> A good question.

[00:15:25]>> Yeah.

[00:15:26]>> Thank you very much. I think it's a safe place to land. But thank you so much for spending your holiday morning with us here. But there's more on the show. Pick up on the conversation of BOG and other things.

[00:15:36]Please stay.

[00:15:41]>> [music] [music]