By Eugene Davis
The Minority in Parliament has called for a bipartisan parliamentary investigation into the reported $214 million loss allegedly incurred by the Bank of Ghana (BoG) under the government’s Gold-for-Reserves programme, warning that the figure could rise to nearly $300 million 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 matter raises serious concerns about transparency, accountability and the protection of state resources.
He proposed the establishment of a special parliamentary ad-hoc committee, drawn from both sides of the House, with powers to subpoena contracts, licences, intermediaries and related entities connected to the programme.
According to him, the committee must compel both the Bank of Ghana and the Ghana Gold Board (GoldBod) to publicly disclose all financial and operational arrangements tied to the scheme.
“These include the fee structures, pricing formulas, criteria for selecting aggregators, and all foreign exchange arrangements that were entered into under this programme and which have allegedly resulted in losses to the Republic,” he stated.
Mr. Oppong Nkrumah further called for the immediate suspension of gold-buying permits in forest reserves and the introduction of robust traceability systems to ensure that state funds are not used to purchase gold from illegal mining, popularly known as galamsey.
He warned that the absence of effective traceability raises the risk that public funds may be financing environmentally destructive and unlawful activities.
“One of the things we will be demanding is the suspension of permits in forest reserves and the introduction of serious traceability measures because, as things stand, we have every reason to believe that state money may be going into the purchase of galamsey gold,” he said.
The Minority stressed that the investigation must have real consequences, adding that any findings of negligence, misconduct or corruption should lead to prosecutions, with all recoverable funds returned to the state.
“Where wrongdoing is established, prosecutions must follow, and every pesewa that can be recovered must be paid back to the people of Ghana,” Mr. Oppong Nkrumah added.
The Minority’s call follows concerns raised by the International Monetary Fund (IMF) over reported losses linked to the Gold-for-Reserves programme, which the Fund has flagged as a potential risk to Ghana’s macroeconomic stability.
In its assessment, the IMF attributed the losses to transactions involving artisanal and small-scale mining dore gold, referencing what it described as alleged ‘GoldBod off-taker fees’.
However, GoldBod has rejected claims that it has incurred any losses, describing the IMF’s assertions as inaccurate.
In a statement issued earlier this month, GoldBod Chief Executive Officer, Sammy Gyamfi, said the Board expects a surplus of no less than GH¢600 million in the 2025 financial year, insisting that it does not charge off-taker fees.
He explained that GoldBod’s mandate is limited to purchasing, assaying and exporting gold on behalf of the Bank of Ghana, while all trading and sale agreements with off-takers fall under the direct responsibility of the central bank.
Mr. Gyamfi further disclosed that GoldBod has facilitated the inflow of over $10 billion in foreign exchange in 2025, following the purchase of more than 100 tonnes of gold from the artisanal and small-scale mining sector for the Bank of Ghana.
He added that the Board has also supported gold purchases from large-scale mining companies, contributing to the strengthening of Ghana’s foreign reserves and the stabilisation of the cedi.
Despite these assurances, the Minority insists that only a transparent, bipartisan parliamentary inquiry can fully clarify the facts and restore public confidence in the Gold-for-Reserves programme.
