GoldBod is the tool behind Ghana’s stability – Agalga defends gold strategy

James Agalga, the incoming Majority Leader, has defended the government's strategy of purchasing gold domestically, asserting that the Ghana Gold Board (GoldBod) has been instrumental in Ghana's recent economic stability. Speaking on Joy News' PM Express, Agalga explained that GoldBod was deployed to enhance reserves, maintain currency stability, and control inflation.

He dismissed calls for a parliamentary probe into the programme's operations and reported losses, stating that the issues raised could be addressed through existing reports and agreements. These include the Auditor-General's 2025 report, the 2023 accounts expenditure agreement between the Precious Minerals Marketing Company and the Bank of Ghana, as well as the IMF report.

Agalga emphasized that an ad hoc committee could be established to address minority concerns, but proposed expanding the investigation's scope beyond 2025. He questioned why the Bank of Ghana absorbed costs related to using forex bureau rates for gold purchases instead of implementing its own rates. Agalga argued that the programme has delivered significant economic benefits, such as creating reserves of GH¢13 billion from GH¢8 billion in just 1.5 years, stabilising the currency, and reducing inflation to single-digit levels.

He highlighted that the programme's costs should be weighed against these gains. Agalga stressed the importance of settling the controversy swiftly to satisfy all concerns.