Member of Parliament for Bolgatanga Central, Isaac Adongo, has described the establishment of the Ghana Gold Board (GoldBod) as a “pure common-sense approach” that helped avert economic collapse and stabilise the Ghanaian cedi.

Speaking at an end-of-year gathering organised by the Upper East Regional Communicators of the National Democratic Congress (NDC) in Bolgatanga, Mr Adongo said the previous New Patriotic Party (NPP) administration left the economy in deep distress, with foreign reserves dwindling to about 0.8 months of import cover. He noted that the situation forced Ghana to seek a US$3 billion bailout from the International Monetary Fund (IMF) under difficult conditions.

According to him, the crisis was compounded by excessive money printing without corresponding growth in productivity, a development that fuelled inflation and weakened the cedi.

“They printed money like Yahoo boys, forgetting that Americans and Europeans do not spend cedis,” he said, arguing that the absence of foreign currency made it difficult for the country to meet external obligations and import essential goods, including medicines.

Mr Adongo explained that Ghana needed about US$250 million every week—approximately US$1 billion a month—to import critical goods, settle energy sector obligations and service external debts. With no access to international capital markets and limited reserves, he said the government was compelled to adopt innovative solutions.

“That is why we had to think outside the box,” he stated, adding that this led to the formalisation of the gold sector through the creation of GoldBod, an initiative designed to mobilise foreign exchange locally rather than depend on external borrowing.

Responding to claims that the GoldBod arrangement caused losses to the Bank of Ghana, the MP argued that the reported US$214 million cost was insignificant when weighed against the benefits.

“Would you rather pay US$214 million to build US$11 billion in reserves, or go begging for loans that were no longer available?” he asked.

He said Ghana had now accumulated about US$11 billion in foreign reserves, even while meeting weekly foreign exchange demands, achieving the target three years ahead of schedule. By contrast, he noted that borrowing US$3 billion annually from the European market would have cost the country about US$220 million in interest alone, without guaranteeing long-term stability.

Mr Adongo criticised what he described as sustained attacks on GoldBod and its leadership, insisting they were aimed at undermining the initiative’s success.

“GoldBod is common-sense economics. Not every problem requires complex theories. Sometimes basic logic is enough. GoldBod may have had costs, but it saved this country from collapse,” he emphasised.

He urged party communicators to vigorously defend the programme and praised GoldBod Chief Executive Officer, Sammy Gyamfi, describing him as “Ghana’s best bet” for managing the sector.

The MP, who also serves on the Board of the Bank of Ghana, pointed to improved exchange rate stability, falling fuel prices and declining costs of imported goods as evidence that the government’s tough economic measures were yielding results.

“Stability does not mean the exchange rate will never move. It means it moves within a reasonable and manageable range, and that is what we are seeing today,” he explained.

He also commended Finance Minister Dr Cassiel Ato Forson for enforcing fiscal discipline, cutting wasteful expenditure and making difficult decisions in the national interest.

“There are no private jets, no frivolous projects and no reckless borrowing,” Mr Adongo said, adding that Ghana’s economic recovery was being driven by prudent management rather than new loans.