Goldbod is Ghana’s economic breakthrough

The Corporate Affairs Officer of the Tema Oil Refinery (TOR), Godwin Mahama Ayaba, has defended the government’s Goldbod initiative, describing it as a major driver of Ghana’s recent economic stabilisation despite criticisms raised in an International Monetary Fund (IMF) report.

The Goldbod policy has come under public scrutiny following an IMF assessment which estimated losses of about US$214 million linked to the initiative. The New Patriotic Party (NPP) has cited the report to question the sustainability and transparency of the programme.

However, speaking in an interview on TV XYZ’s Gumbe Show, Ayaba rejected claims of mismanagement, arguing that the broader economic indicators under President John Dramani Mahama tell a different story.

According to him, Ghana has, for the first time in recent history, recorded consistent appreciation of the cedi over an entire year, alongside declining fuel prices, reduced inflation, and improved debt indicators, developments he attributed largely to the operations of Goldbod.

“Goldbod is the breakthrough of Ghana’s success. For the first time, the Ghana cedi has appreciated consistently throughout the year. We have seen reductions in fuel prices, inflation brought down to 5.4 per cent by December 2025, and total public debt reduced to about GH¢630 billion, with debt-to-GDP at 45 per cent,” he stated.

Ayaba further argued that the stabilisation of the economy could not be separated from Goldbod’s operations, accusing the opposition NPP of deliberately attempting to undermine the policy for political reasons.

“The economy has been stabilised largely with the help of Goldbod operations, which is why it is surprising that the New Patriotic Party is doing everything possible to discredit a policy that is yielding results,” he added.

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 questioned claims that the former minister’s health condition prevents him from returning to Ghana to face trial.

Ofori-Atta has indicated that he is undergoing medical treatment in the US, a claim which Ayaba said is contradicted by reports that the former minister was detained by the United States Immigration and Customs Enforcement (ICE).

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

Ayaba also addressed the revival of the Tema Oil Refinery, which has re-emerged as a subject of political debate. He noted that under the previous NPP administration, TOR remained largely non-operational, with officials insisting that the refinery could not be revived without massive investment.

According to him, less than a year into President Mahama’s return to office, operations at TOR have resumed under the leadership of the new Chief Executive Officer, Edmond Kombat Esq., demonstrating that the refinery’s challenges were not insurmountable.

“Two years ago, the NPP government told Ghanaians that the Tema Oil Refinery could not be operationalised. Today, in less than a year under President John Dramani Mahama and the leadership of the new CEO, Edmond Kombat, TOR has started working again,” he said.

He described the refinery’s return to operation as evidence of political will and competent leadership, stressing its importance to Ghana’s energy security and economic independence.

By Bawa Musah

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