A member of Parliament’s Finance Committee, Dr. Abdul Kabiru Tiah Mahama, has refuted claims by the Deputy Finance Minister that the recently established Gold Board is responsible for the Ghanaian cedi’s recent stability.

The Deputy Finance Minister, Thomas Nyarko Ampem, had earlier credited the Gold Board with significantly boosting gold export revenues — from $860 million in the first quarter of 2024 to over $2.7 billion in the same period in 2025 — and claimed that this policy had been a “game changer” in stabilising the cedi.

His remarks were a direct response to former Vice President Dr. Mahamudu Bawumia, who, during a UK engagement, challenged the current government to identify any policy behind the cedi’s recent appreciation, implying the gains lacked solid economic grounding.

• Read also: ‘NDC has no policy behind cedi gains’ – Bawumia dismisses credit for currency stability

Speaking on JoyNews’ The Pulse on Tuesday, the Walewale MP dismissed the Deputy Finance Minister's assertion as misleading, stating that the Gold Board only became operational in late March 2025 and therefore cannot be credited for developments that began earlier in the year.

“... You heard the explanation from my respected colleague, the Deputy Finance Minister — they are pointing to the Gold Board. But the fact is, there was no Gold Board in January or February. It only came into existence after Parliament passed the law in late March.

"So it means that they cannot be attributing it [cedi appreciation] to the Gold Board. Gold Board has only been operational for a month...So they should discard the Gold Board factor," he noted.

Dr. Kabiru Tiah Mahama explained that the Precious Minerals Marketing Company (PMMC), which has long existed as the official agency for gold exports, was already handling the bulk of the country's gold trade before the Gold Board was set up.

He, however, urged the government to refrain from misrepresenting timelines and to acknowledge the contributions of pre-existing structures like the Precious Minerals Marketing Company (PMMC).

“There was already a system in place. The PMMC predates even the NPP administration. What the NPP did was strengthen that system by directing large-scale mining firms to sell at least 20% of their production to the PMMC, and small-scale miners were also directed to sell to the same company,” he said.

He argued that the Gold Board merely took over the operations previously managed by PMMC, adding that its contribution so far has been minimal and cannot be used as evidence of policy impact on the currency.