Afenyo, Ayariga Clash Over GH¢22bn GoldBod Losses

In a heated parliamentary debate on Tuesday, Minority Leader Alexander Afenyo-Markin and Majority Leader Mahama Ayariga clashed over the financial implications of Ghana's gold purchasing programme, known as GoldBod. The disagreement centred on the reported losses of approximately GH¢22 billion, which Afenyo-Markin demanded a detailed breakdown of.

Afenyo-Markin accused the government of losing US$1.7 billion through GoldBod and BoG losses, and requested a parliamentary investigation. He argued that the committee should be able to examine documents and witness testimonies to determine the true causes of the reported losses. He warned that if left unaddressed, these losses could ultimately burden taxpayers with the responsibility of recapitalising the Bank of Ghana.

In contrast, Ayariga dismissed Afenyo-Markin's claims, insisting that the reported losses were costs associated with a deliberate policy aimed at stabilising the cedi, strengthening the Ghanaian currency, and keeping inflation low. He maintained that the policy had generated wider economic benefits, including currency stability, low inflation, and improved debt repayment capacity.

Ayariga argued that the expansion in government gold purchases accounted for part of the reported losses, and that the policy had generated wider economic benefits.

The majority stood firm behind GoldBod and its management, including the Finance Minister and the government's financial management of the country's finances. Ayariga, however, maintained that the concerns raised by international financial institutions, such as the World Bank and the IMF, should not lead to abandoning the gold purchasing policy. Instead, he believed that reforms were underway to shift transactions from the Bank of Ghana to the government, which would address the concerns surrounding the arrangement.