Goldbod Is Ghana’s Economic Breakthrough – Godwin Mahama Ayaaba Declares

The operations of the Goldbod have in recent weeks sparked intense public debate, following an IMF report which raised concerns about an estimated US$214 million in losses linked to the initiative. While critics, particularly from the New Patriotic Party (NPP), have questioned the sustainability and transparency of the policy, officials aligned with the Mahama administration insist that Goldbod has rather become a key pillar in stabilising Ghana’s economy. Speaking on these issues, alongside the controversy surrounding former Finance Minister Ken Ofori-Atta and the revival of the Tema Oil Refinery (TOR), the Corporate Affairs Officer of TOR, Godwin Mahama Ayaba, offered a strong defence of the government’s record in an interview on TV XYZ’s “Gumbe Show”.

The debate around Goldbod, intensified by the IMF’s assessment, has become a central political and economic issue, with the opposition accusing the government of mismanaging the initiative. However, Godwin Mahama Ayaba argued that the broader economic indicators tell a different story, crediting Goldbod with contributing significantly to macroeconomic stability under President John Dramani Mahama.

According to him, for the first time in Ghana’s recent history, the cedi has shown consistent appreciation over an entire year, alongside falling fuel prices, reduced inflation and a healthier debt position. He stressed that these outcomes could not be separated from the Goldbod’s operations, insisting that attempts by the NPP to undermine the policy were deliberate.

“Goldbod is the breakthrough of Ghana’s success, and given the successes the Goldbod has brought, President Mahama has said that for the first time the Ghana cedi has appreciated consistently throughout a year. We have seen reduction in fuel prices, inflation brought down to 5.4 per cent by December 2025, and the total public debt reduced back to about 630 billion Ghana cedis, with debt-to-GDP standing at 45 per cent.
“The economy has been stabilised largely by the help of the Goldbod operations, and that is why it is surprising that the New Patriotic Party is deliberately attempting to make the policy fail. Instead of supporting a policy that is clearly yielding results for the country, they are doing everything possible to discredit it for political reasons.” He stated

Touching on the ongoing efforts by the Office of the Special Prosecutor (OSP) and the Attorney-General to secure the return of former Finance Minister Ken Ofori-Atta from the United States, Ayaba weighed into the controversy surrounding the former minister’s reported ill health. Ofori-Atta has maintained that he is undergoing medical treatment in the US, a claim his critics say is being used to delay accountability.

Ayaba questioned the credibility of the health claims, particularly in light of reports that Ofori-Atta was detained by US Immigration and Customs Enforcement (ICE) despite his alleged condition. In his view, the former minister’s situation undermines arguments that he is too unwell to return to Ghana to face trial.

“If ICE in the United States could detain him with the same sickness he claims to be suffering from, then it clearly means that coming to Ghana for his trial is also possible. Ghanaians deserve accountability, and no one should be allowed to hide behind medical excuses to evade justice.”

The revival of the Tema Oil Refinery has also re-emerged as a major point of political contention. Under the previous NPP administration, the refinery remained largely non-operational, with government officials at the time insisting that TOR could not be revived without massive investment. Less than a year into President Mahama’s return to office, however, operations have resumed under a new management team led by CEO Edmond Kombat Esq.

Ayaba described the restart of TOR as proof of political will and competent leadership, arguing that earlier claims about the impossibility of reviving the refinery were unfounded. He said the refinery’s return to operation holds strategic importance for Ghana’s energy security and economic independence.

“Two years ago, the NPP government told Ghanaians clearly that the Tema Oil Refinery could not be operationalised. They said it was impossible and beyond repair.
Today, in less than a year under President John Dramani Mahama’s government and with the leadership of the new CEO, Edmond Combart, the Tema Oil Refinery has started working again. This shows that what was lacking before was not capacity, but commitment and the right leadership to make TOR functional for the benefit of the nation.” He said

By Bawa Musah