This verse begins with the Hebrew waw conjunction, which King James Version renders “And.” However, a better connector is “But,” since the Israelites say something surprising here.
Ephraim has said identifies the dishonest merchant. In this context it may be useful to say “Ephraim boasts” (New International Version, NET Bible). In Good News Translation this quote frame introduces a quote within a quote: “ ‘We are rich, they say….’ ” The response of the people of Israel is quoted by the LORD. This embedded quote makes it somewhat more complicated for the reader to follow the line of argument. Moreover, it seems that the Hebrew text puts verses 7-8 as a dispute between the people and the LORD. For Ephraim, which is another name for the northern kingdom of Israel, see 4.17. Here it refers to the people living there.
Ah, but I am rich: The Hebrew particle rendered Ah, but can emphasize what follows or introduce a contrast. Here it probably highlights what follows, so this line may be rendered “Surely I am rich” or “Very rich am I.”
I have gained wealth for myself is literally “I have found wealth for myself.” Good News Translation says “We’ve made a fortune,” which is a good English equivalent. Good News Translation leaves for myself implied. However, since the people of Ephraim are boasting here, it is appropriate to say “We’ve made a fortune all by ourselves” (similarly New Living Translation). The Hebrew word for wealth can also mean “power,” so New Jewish Publication Society’s Tanakh says “I have gotten power!”
But all his riches can never offset the guilt he has incurred: There are problems with the Hebrew text in these two lines, so Revised Standard Version emends them. The Hebrew is literally “[In] all my toils [or, gains] they will not find in me guilt [or, iniquity] that is sin.” Hebrew Old Testament Text Project recommends the Hebrew text with a {B} rating, suggesting the following model: “in all that I have gained, I did not incur guilt, which [would be] sin.” Die Bibel im heutigen Deutsch also follows the Hebrew but in a more idiomatic way: “there is not anything bad about that. No one can accuse me of deceit!”
A translation model for this verse is:
• But Ephraim boasts, “See, I am very rich!
I have acquired my wealth by myself.
What is wrong with the profits I have made?
Is there anything sinful in that?”
Quoted with permission from Dorn, Louis & van Steenbergen, Gerrit. A Handbook on Hosea. (UBS Helps for Translators). Miami: UBS, 2020. For this and other handbooks for translators see here .