Member of Parliament for Bolgatanga Central, Isaac Adongo
The Member of Parliament (MP) for Bolgatanga Central, Isaac Adongo, has noted that the government’s current economic measures, rooted in John Mahama’s vision, are proving effective, particularly 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 establishment of the Gold Board has not only restored confidence in Ghana’s financial ecosystem but is quickly becoming the “single 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 in an interview on GHOne TV’s State of Affairs, monitored by MyNewsGh.
Adongo credited this progress to a team led by Sammy Gyamfi and the Ministry of Finance, applauding their early achievements in reducing pressure on the forex market.
He emphasised that speculative demand for the dollar has significantly declined.
“The forex bureau market has been tamed. We now enforce that dollars are used strictly for transactional purposes, not for hoarding,” he explained.
The MP added that gold trade, once informal and riddled with loopholes, is now being centralised under the Gold Board, which pegs gold prices to interbank forex rates.
This, he said, has dismantled the speculative behaviors that once destabilised the currency market.
“We’ve effectively neutralised Abochi’s dollar dominance. In fact, Abochi doesn’t even have the dollar anymore,” he added, referencing informal market dealers.
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