Majority Leader Mahama Ayariga has defended the government’s Gold Bank policy, rejecting the Minority’s description of the institution’s reported financial losses.

According to Mr. Ayariga, the figures being described as losses should instead be understood as costs incurred by the government in its efforts to stabilise the Ghanaian cedi, control inflation and strengthen the broader economy.

Government Stands Behind Gold Bank

Speaking on the issue, Mr. Ayariga said the government remains firmly behind Gold Bank, its management and the Finance Minister, Dr. Cassiel Ato Forson, as well as the government’s overall economic management strategy.

He explained that the expansion of government-backed gold purchases had contributed to the increased costs associated with the programme.

However, he maintained that the policy has played an important role in strengthening the cedi and helping to stabilise inflation.

“We stand strongly behind Gold Bank,” Mr. Ayariga said, insisting that the financial figures must be considered within the broader economic objectives of the programme.

Government Responds to IMF, World Bank Concerns

Mr. Ayariga also disclosed that steps are being taken to address concerns raised by the International Monetary Fund (IMF) and the World Bank regarding aspects of the gold purchasing programme.

He said some transactions previously undertaken through the Bank of Ghana are being shifted to government to improve the structure and management of the programme.

The Majority Leader argued that the government’s approach should not be assessed solely on reported expenditure but also on the wider economic benefits it seeks to achieve.

Ayariga Speaks on Power Outages

Meanwhile, Mr. Ayariga has given Parliament an assurance regarding the recent power outages affecting parts of the country.

He said he had received an assurance from the Energy Minister that the challenges responsible for the intermittent outages would be resolved by the end of September.

The assurance is expected to ease concerns among households and businesses that have been affected by the recent disruptions in electricity supply.

Key Takeaway

Mr. Ayariga’s comments are likely to intensify the debate over the financial performance of Gold Bank, with the government maintaining that the reported losses should be viewed as strategic economic costs rather than conventional financial losses.

The Minority, however, has continued to demand greater transparency and accountability over the programme and its financial implications.