US$1.7 billion GoldBod losses not a failure, but an economic cost – Ayariga

Member of Parliament for Bawku Central, Mahama Ayariga, has debunked claims about the operations of the Ghana Gold Board (GoldBod), saying the reported losses are costs linked to efforts to stabilise the cedi and control inflation.

His comments follow claims by the Minority in Parliament that GoldBod has incurred losses of about US$1.7 billion.

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Speaking on the floor of Parliament on Monday, August 24, 2026, Ayariga said the figures should not be treated as ordinary business losses because the policy has wider benefits for the economy.

"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.

Ayariga said the government's decision to increase the amount of gold purchased through GoldBod has also increased the programme's 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.

He described GoldBod as "one of the best policies that have ever been implemented by any government in this country." He said the policy had helped strengthen the cedi and keep inflation under control.

Ayariga 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," he said.

ANAS/SEA

GoldBod losses not a concern; they strengthen economy – Majority Leader tells Minority