Mahama Ayariga defends GoldBod, says reported losses are costs of stabilising the cedi

Mahama Ayariga, the former Majority Leader in Parliament, has defended the Ghana Gold Board (GoldBod) against claims of substantial financial losses. He argued that the estimated losses, around US$1.7 billion, should be seen as costs associated with government policies aimed at stabilising the cedi and supporting the economy. Speaking in Parliament on August 24, 2026, Ayariga explained that increasing the volume of gold purchases through GoldBod raised the programme's costs but also provided significant economic benefits.

He accused the Minority of focusing on the financial costs without acknowledging its broader economic advantages. Ayariga highlighted the GoldBod initiative as one of the most successful policies under a Ghanaian government, emphasizing its role in strengthening the cedi and supporting economic stability. He reiterated the government's commitment to GoldBod and confidence in the economic management team, including the Finance Minister, defending the administration's approach to financial management.

Addressing concerns raised by the World Bank and the International Monetary Fund (IMF) about the accounting of GoldBod transactions, Ayariga stated that any losses should ultimately be absorbed by the government rather than the Bank of Ghana (BoG). He added that restructuring the arrangement to transfer transactions from the central bank to the government was underway, which would clarify the financial treatment of GoldBod's operations.