Mahama Ayariga, the outgoing Majority Leader in Parliament, has rejected claims that the financial costs associated with the Ghana Gold Board (GoldBod) are undermining the government's economic management. He made the statement on Monday, August 24, 2026, while addressing Parliament.
GoldBod Costs Not Losses, Says Ayariga
According to Ayariga, the increased costs recorded under the Domestic Gold Purchase Programme (DGPP) must be assessed against the wider economic benefits of the policy. He emphasized that the policy's contribution to the stability of the cedi and the moderation of inflation cannot be ignored.
Ayariga argued that the government deliberately expanded the volume of gold purchased through GoldBod to strengthen the country's foreign exchange position. He maintained that the resulting costs were an inevitable consequence of pursuing the policy at a larger scale.
Accusing Minority of Misrepresentation
Ayariga accused the Minority of presenting the figures without adequately considering the broader economic impact. He accused them of labeling the costs as losses without understanding the true nature of the expenses.
"What you call losses are costs that this country has to pay in order to maintain the strength of our currency today," Ayariga said. He emphasized that the costs are necessary to maintain the stability of the cedi.
Government Committed to GoldBod Policy
Ayariga further disclosed that government was working on reforms to move GoldBod-related transactions away from the Bank of Ghana (BoG) and onto the government's books. This move, he said, is consistent with concerns raised by the International Monetary Fund and the World Bank about the treatment of the transactions.
"We stand strongly behind GoldBod and the management of GoldBod," Ayariga said, reiterating the government's commitment to the policy. The government's stance on the matter remains unchanged, despite the Minority's concerns.
Implications for Ghana's Economy
The Ghanaian economy has been experiencing fluctuations in recent times, with the cedi's value being a major concern. The government's efforts to stabilize the currency through the GoldBod policy have been met with criticism from the Minority.
However, Ayariga's statement suggests that the government is committed to the policy, despite the costs associated with it. The implications of this policy for Ghana's economy will continue to be a major topic of discussion in the coming weeks and months.
The government's commitment to the GoldBod policy will likely have far-reaching consequences for the country's economy. As the government continues to work on reforms to improve the management of GoldBod-related transactions, it remains to be seen how the policy will shape the country's economic future.
Source: Joy Online
