Accra: Member of Parliament for Bawku Central, Mahama Ayariga, has refuted claims regarding the operations of the Ghana Gold Board (GoldBod), asserting that the reported US$1.7 billion losses should be seen as economic costs associated with efforts to stabilize the cedi and control inflation.
According to Ghana Web, Ayariga addressed Parliament, stating that these figures should not be misinterpreted as conventional business losses but rather as necessary expenditures with significant economic benefits. "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 explained. Ayariga emphasized that the government's strategy to augment gold purchases through GoldBod has inevitably increased the program's expenses.
Ayariga further clarified that the increase in losses stems from policies that have expanded the volume of gold acquired by the government. Describing GoldBod as one of the most effective policies ever implemented in the country, he highlighted its role in strengthening the cedi and curbing inflation. Despite criticism from the Minority, Ayariga affirmed the government's continued support for GoldBod and its management, as well as the Finance Minister's handling of national finances.