In a fresh interview on GHOne TV’s State of Affairs monitored by MyNewsGh, Isaac Adongo, the Member of Parliament for Bolgatanga Central, noted that the government’s current measures, inspired by John Mahama’s vision, are proving effective, especially with the introduction of the Gold Board.
“We’ve not exited the woods yet, but we’re finally managing well,” he said. According to him, the creation of the Gold Board has not only restored confidence in Ghana’s financial ecosystem but is fast becoming the “singular most important policy to anchor stability.”
“The Gold Board is already having a visible impact on the interbank market. Even before it becomes fully operational, we’re seeing relative stability return,” he stated.
Adongo credited this progress to a team led by Sammy Gyamfi and the Finance Ministry, applauding their early strides in curbing forex market pressures.
He emphasized that speculative dollar demand has been greatly reduced. “The forex bureau market has been tamed. We now enforce that dollars are for transactional needs only—not for hoarding,” he explained.
The MP added that gold trade, once informal and rife with loopholes, is now centralized under the Gold Board, which pegs gold prices to interbank forex rates. This, he said, has dismantled the speculative behavior that once plagued the currency market.
“We’ve effectively neutralized Abuchi’s dollar dominance. In fact, Abuchi doesn’t even have the dollar anymore,” he said, referencing informal market dealers.
