The Gold Board is a game changer for Ghana’s economy – Isaac Adongo

In a recent interview on GHOne TV’s State of Affairs, Isaac Adongo spoke about the government's measures. He is the Member of Parliament for Bolgatanga Central. He believes these measures, inspired by John Mahama's vision, are effective. This includes the introduction of the Gold Board.

Adongo stated, “We’ve not exited the woods yet, but we’re finally managing well.” He noted that the Gold Board has restored confidence in Ghana’s financial system. It is becoming a key policy for stability.

He mentioned that the Gold Board is impacting the interbank market positively. Even before full operation, there is visible stability returning.

Adongo praised a team led by Sammy Gyamfi and the Finance Ministry. Their efforts have helped reduce pressures in the forex market.

He highlighted that speculative dollar demand has decreased significantly. “The forex bureau market has been tamed,” he said. Now, dollars are only for transactional needs—not for hoarding.

Additionally, gold trade was once informal and had many loopholes. It is now centralized under the Gold Board, which links gold prices to interbank forex rates. This change has reduced speculative behavior in the currency market.

“We’ve effectively neutralized Abuchi’s dollar dominance,” Adongo added. He noted that informal market dealers like Abuchi no longer have access to dollars.