GoldBod ‘losses’ are costs of stabilising cedi – Mahama Ayariga

Outgoing Majority Leader in Parliament, Mahama Ayariga

Outgoing Majority Leader in Parliament, Mahama Ayariga, has defended the operations of the Ghana Gold Board (GoldBod) against claims that the institution is incurring significant losses.

He argues that the reported losses represent costs associated with policies aimed at stabilising the cedi and strengthening the economy.

According to Mr Ayariga, the government's decision to expand the volume of gold purchased through GoldBod has increased the costs associated with the programme, but those costs should not be viewed simply as losses.

His comments come amid an ongoing controversy over GoldBod's operations, with the Minority alleging that the programme has resulted in losses of about US$1.7 billion.

Speaking on the floor of Parliament on Monday, August 24, 2026, Mr Ayariga said the GoldBod policy had contributed to the stability of the cedi and helped keep inflation at a relatively low rate.

“In this house, we have consistently demonstrated that what you call losses are actually costs that this country has to pay in order to maintain the strength of our currency today,” he said.

“What you call losses are costs that this country has to deal with as a result of maintaining the stability of our currency,” he added.

Mr Ayariga accused the Minority of repeatedly presenting GoldBod's financial position as losses without adequately acknowledging what he described as the broader economic benefits of the policy.

He said the government's expansion of gold purchases had resulted in higher volumes being processed through GoldBod, which, he argued, accounted for some of the increased costs.

“Even if the losses have increased, it is because this government has pursued policies that have expanded the volume of gold that has been purchased by the government. Those are facts, and you know the facts,” he said.

The outgoing Majority Leader described the GoldBod policy as “one of the best policies that have ever been implemented by any government in this country”, arguing that it had helped strengthen the cedi and stabilise inflation.

He said the government would continue to support GoldBod and its management despite criticism from the Minority.

“And so we stand strongly behind GoldBod and the management of GoldBod. We stand strongly behind the Finance Minister and the management of the finances of this country,” Mr Ayariga said.

Mr Ayariga also referred to concerns raised by the World Bank and the International Monetary Fund (IMF) regarding the treatment of GoldBod-related transactions.

According to him, he understands the position of the two institutions to be that any losses arising from the current arrangement should ultimately be borne by the government rather than the Bank of Ghana (BoG).

“Whatever the IMF has said, I understand them to be saying that even though there will be losses based on the way we have designed the system, they expect it to be borne by the government and not by the central bank,” he said.

He added that reforms were underway to shift the transactions from the Bank of Ghana to the government.

“And so reforms are underway to shift the transactions from the central bank to the government. And so I believe that ultimately your major concerns will be addressed,” Mr Ayariga said.

-citinewsroom