August 24, 2026 – Accra, Ghana – Outgoing Majority Leader in Parliament, Mahama Ayariga, vehemently defended the Ghana Gold Board (GoldBod) against accusations of significant financial losses, framing the reported losses as a necessary cost of stabilizing the cedi and bolstering the broader Ghanaian economy. Ayariga, speaking in Parliament following a Monday session, asserted that the government’s policy of increasing gold purchases through GoldBod had resulted in estimated losses of approximately $1.7 billion, rather than being a direct result of financial mismanagement. He argued that these losses were a direct consequence of government policies designed to stabilize the cedi, a crucial undertaking he described as vital for economic stability and inflation control. Mr. Ayariga stated that the increase in gold transactions, which significantly expanded the volume of processed transactions, had contributed to the relative stability of the currency and containment of inflation. He vehemently accused the Minority of focusing solely on the financial costs of the program without adequately considering its broader economic impact. Specifically, he pointed to the policy’s role in strengthening the cedi and supporting economic stability, highlighting the initiative’s significant contribution to Ghana’s financial landscape. Ayariga underscored the GoldBod’s role as a particularly successful government initiative, emphasizing its pivotal contribution to the strengthening of the cedi and economic stability. He asserted that the government remained committed to GoldBod and would continue to support its management, despite criticisms from the Minority. He also addressed concerns raised by the World Bank and the International Monetary Fund (IMF) regarding the accounting and treatment of GoldBod-related transactions. Ayariga proposed restructuring the arrangement and transferring the transactions from the central bank to the government, stating that these reforms were intended to address the concerns surrounding the financial treatment of GoldBod’s operations and provide greater clarity on the allocation of associated costs. He further stated that the reforms would also address the concerns surrounding the financial treatment of GoldBod’s operations and provide greater clarity on where the associated costs should be borne. The situation has also triggered a fresh motion from the Minority to launch an ad hoc probe into the reported $1.7 billion loss in GoldBod’s operations, highlighting concerns about the lack of transparency in the financial transactions and the potential for mismanagement. Ayariga, in a subsequent statement, expressed his understanding that any losses arising from the current arrangement should ultimately be absorbed by the government rather than the Bank of Ghana, reinforcing the government’s commitment to managing the country’s finances.””, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
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Source: Adom Online
