Ghana’s Minority caucus in Parliament has called for a bipartisan parliamentary investigation into the reported loss of about $214 million linked to the Bank of Ghana’s (BoG) Gold-for-Reserves programme, warning that the figure could rise further if urgent action is not taken.
Addressing journalists in Accra on Monday, December 29, the Member of Parliament for Ofoase Ayirebi, Kojo Oppong Nkrumah, said the enquiry should be conducted by a special ad-hoc parliamentary committee with broad investigative powers, including the authority to subpoena contracts, licences, intermediaries, and all entities involved in the programme.
According to him, the proposed committee must compel both the Bank of Ghana and the Ghana Gold Board (GoldBod) to make public detailed information on fee structures, pricing mechanisms, criteria for selecting aggregators, and foreign exchange arrangements associated with the scheme.
The Minority also raised concerns about environmental and legal compliance, calling for the suspension of gold-related permits in forest reserves and the introduction of stricter traceability systems. Nkrumah argued that there are strong indications that public funds may have been used to purchase gold sourced from illegal mining activities, commonly referred to as galamsey.
He stressed that the investigation should not end at fact-finding alone. Where evidence of negligence, mismanagement, or corruption is established, he said, prosecutions must follow and all recoverable funds returned to the state.
The Minority’s demand follows concerns raised by the International Monetary Fund (IMF), which described the reported losses as a potential threat to Ghana’s macroeconomic stability. In its assessment, the IMF linked the losses to transactions involving artisanal and small-scale mining dore gold and referenced alleged “GoldBod off-taker fees.”
GoldBod has, however, rejected claims that it has incurred losses. In a statement issued earlier this month, its Chief Executive Officer, Sammy Gyamfi, said the IMF’s claims were inaccurate. He maintained that GoldBod does not charge off-taker fees and is projecting a surplus of at least 600 million cedis for the 2025 financial year.
Gyamfi explained that GoldBod’s mandate is limited to purchasing, assaying, and exporting gold on behalf of the Bank of Ghana, while trading arrangements and sales to off-takers are handled exclusively by the central bank. He further disclosed that GoldBod has facilitated over $10 billion in foreign exchange inflows in 2025 through the purchase of more than 100 tonnes of gold from artisanal and small-scale miners, alongside support for output from large-scale mining firms.
The issue has intensified debate over transparency, environmental safeguards, and accountability in Ghana’s gold-based reserve strategy, with Parliament now under pressure to determine whether a formal enquiry will be constituted.
Source: Africa Publicity
