Outgoing Majority Leader in Parliament, Mahama Ayariga, has defended the Ghana Gold Board (GoldBod) against allegations that its operations have resulted in significant financial losses.
Mr Ayariga argued that the reported losses, estimated by the Minority at about US$1.7 billion, should instead be understood as costs arising from government policies designed to stabilise the cedi and support the broader economy.
Speaking in Parliament on Monday, August 24, 2026, he said the government’s decision to increase the volume of gold purchased through GoldBod had raised the cost of the programme but had also delivered important economic benefits.
According to him, the policy has contributed to the relative stability of the Ghanaian currency and helped contain inflation.
He accused the Minority of focusing on the financial costs of the programme without adequately considering what he described as its wider benefits to the economy.
Mr Ayariga said the increase in reported losses was partly linked to the government’s decision to expand gold purchases, which resulted in larger volumes of transactions being processed through GoldBod.
He described the GoldBod initiative as one of the most successful policies implemented by a Ghanaian government, insisting that it had played a significant role in strengthening the cedi and supporting economic stability.
The outgoing Majority Leader said the government remained committed to GoldBod and would continue to support its management despite criticism from the Minority.
He also expressed confidence in the government’s economic management team, including the Finance Minister, and defended the administration’s approach to managing the country’s finances.
Mr Ayariga further addressed concerns reportedly raised by the World Bank and the International Monetary Fund (IMF) regarding the accounting and treatment of GoldBod-related transactions.
He said his understanding was that any losses arising from the current arrangement should ultimately be absorbed by the government rather than the Bank of Ghana (BoG).
According to him, steps were already being taken to restructure the arrangement and transfer the transactions from the central bank to the government.
Mr Ayariga said the reforms, when completed, should address the concerns surrounding the financial treatment of GoldBod’s operations and provide greater clarity on where the associated costs should be borne.
READ ALSO:
Afenyo-Markin sues GoldBod CEO Sammy Gyamfi over alleged defamatory remarks
Minority files fresh motion for ad hoc probe into reported $1.7bn GoldBod loss
