Incoming Majority Leader James Agalga has asserted that Ghana’s domestic gold purchase strategy, managed by the Ghana Gold Board (GoldBod), is responsible for the nation's recent economic stability. He stated that GoldBod served as the primary tool for achieving significant gains in national reserves, currency stability, and inflation control.
Mr. Agalga’s remarks came during an interview on Joy News’ PM Express on Monday, August 25, 2026. He was responding to calls from the Minority for a parliamentary investigation into GoldBod’s operations and reported financial losses. The Builsa North MP emphasized that the current stability reflects innovative thinking behind the gold strategy.
This defense arrives as Ghana navigates ongoing economic challenges and seeks to bolster its financial resilience. The domestic gold purchase program aims to increase the Bank of Ghana’s gold reserves, thereby strengthening the cedi and providing a buffer against external shocks. Such strategies are crucial for emerging economies looking to diversify their reserve assets beyond traditional foreign currencies.
“The stability we are witnessing now, right, is as a result of what? Innovative thinking. And the Gold Board has been the tool that we have deployed to achieve those results,” Mr. Agalga stated. He highlighted that he had reviewed key documents related to the program, including the Auditor-General’s report from 2025 and agreements between the Precious Minerals Marketing Company and the Bank of Ghana.
Mr. Agalga expressed no objection to a parliamentary probe, even suggesting an ad hoc committee could be formed to address Minority concerns. However, he insisted that any investigation must not be limited to the year 2025. He argued for an expanded scope to ensure full transparency and prevent any perception of concealment regarding GoldBod’s activities.
A comprehensive probe, according to Mr. Agalga, should examine why the Bank of Ghana absorbed costs using forex bureau rates for gold purchases instead of its own rates. He also stressed the importance of evaluating the program’s broader economic benefits alongside its costs. This includes assessing its impact on national reserves and currency stability.
The Incoming Majority Leader cited impressive figures, noting that national reserves grew from GHS 8 billion to GHS 13 billion within 18 months. He also pointed to the stabilization of the Ghanaian cedi and the achievement of single-digit inflation as direct outcomes of the GoldBod initiative. These economic indicators are vital for investor confidence and overall national prosperity.
Mr. Agalga acknowledged that stability comes with associated costs. He maintained that the program’s overall success in improving Ghana’s economic standing justifies these expenditures. He proudly mentioned Ghana’s improved ranking as the eighth or ninth strongest economy in Africa, surpassing Ivory Coast once again.
He urged Parliament to act swiftly to resolve the controversy surrounding GoldBod. A prompt and thorough investigation would satisfy public curiosity and ensure that all matters are beyond doubt. This would reinforce public trust in the government's economic management strategies.
The call for a broad investigation underscores the need for accountability in public finance. It also highlights the political dynamics surrounding major economic policies in Ghana. Transparency in such large-scale programs is essential for maintaining democratic integrity and public confidence.
Ultimately, the debate over GoldBod’s operations reflects broader discussions about resource management and economic development in Ghana. The program's success or failure will have significant implications for future government strategies aimed at leveraging natural resources for national growth. The outcome of any parliamentary probe will be closely watched by citizens and financial markets alike.