Incoming Majority Leader James Agalga has defended the government’s domestic gold purchase strategy, arguing that the Ghana Gold Board (GoldBod) has played a key role in the country’s recent economic stability.

Speaking on Joy News’ PM Express on Monday, the Builsa North MP said GoldBod was the tool deployed to achieve gains in reserves, currency stability and inflation.

“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,” he said.

Mr Agalga was responding to calls by the Minority for a parliamentary probe into the operations and reported losses associated with the domestic gold purchase programme.

He said he had reviewed the key documents surrounding the programme and believed the issues raised by the Minority could already be addressed through existing reports and agreements.

“One, in the Auditor-General’s report, which is there. It’s dated 2025. The accounts expenditure of the Gold Board was carefully audited, and there is a report,” he said.

He also cited an agreement between the Precious Minerals Marketing Company and the Bank of Ghana dated 2023, its 2025 addendum, and the IMF report.

“All the answers to the questions that have been asked, you can find in those documents,” he said.

Mr Agalga said he had no objection to a probe, including an ad hoc committee, if that was considered necessary to address concerns raised by the Minority.

“But in order to satisfy the curiosity of the minority, look, an ad hoc committee can be established,” he said.

His main demand, however, is that the investigation should not be restricted to 2025.

“Absolutely. Ever since I’ve read the agreements, all the documents that are relevant to this particular subject, I have read, and I’m very clear in my mind,” he said.

“So, in order not to appear as though the GoldBoard has something to hide, I think that the matter should be probed. But in doing so, let us expand the scope so that we don’t suppress anything.”

Mr Agalga said Parliament should examine why the Bank of Ghana absorbed the costs of using forex bureau rates for gold purchases rather than its own rates.

He also argued that the programme's broader economic benefits must be part of the investigation.

“We are talking about creating reserves amounting to GH¢13 billion from GH¢8 billion within the space of one and a half years,” he said.

“We’re talking about the stabilisation of our currency. Inflation is down as a result. We’re now talking about single-digit inflation.”

According to Mr Agalga, the programme must, therefore, be assessed against both its costs and the gains he says it has delivered.

“I mean, there are costs associated with stability,” he said.

He further pointed to Ghana’s improved economic standing, saying, “Today, we’re enjoying a lot of stability. We are ranked the eighth- or ninth-strongest economy in Africa. We’ve overtaken Ivory Coast again.”

Mr Agalga said Parliament should move quickly to settle the controversy.

“As early as possible. As early as possible,” he said. “Let’s satisfy the curiosity of all, so the matters are beyond doubt.”