The chairman of Parliament’s Economy and Development Committee, Hon. Eric Afful, has dismissed calls by the Minority for a probe into an alleged $214 million loss incurred through the operations of the Ghana Gold Board, describing the claim as misleading.
Hon. Afful, who is also the Member of Parliament for Amenfi West, said the Minority’s characterisation of the figure as a loss fails to recognise the broader objectives and impact of the GoldBod programme. He said the initiative was designed primarily to stabilise the national currency and ensure price stability.
According to him, the programme achieved measurable macroeconomic gains despite the reported costs. Hon. Afful noted that during the period under review, the cedi traded at about 17 to the US dollar, while inflation declined from 54.3 per cent to 23.4 per cent. He contrasted that with current indicators, which he attributed to the continued operations of the Gold Board.
“Today, we are seeing the dollar trading around 11 Ghana cedis, and inflation is at 6.3 per cent as of November,” he said, arguing that these outcomes demonstrate the programme’s positive impact on the economy.
Afful stressed that the amount cited by the Minority does not constitute a loss but rather an operational cost incurred in achieving economic stabilisation. He said costs and losses should not be conflated, adding that the programme has delivered significant benefits to the country.
He urged the Minority, particularly members of the New Patriotic Party, to exercise restraint and allow a full review of the Gold Board’s financial statements before drawing conclusions. Afful said a careful assessment of the financials would enable more informed and constructive parliamentary debate on the programme’s performance.
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