The Minority in Parliament has called for a bipartisan investigation into the reported $214 million loss by the Bank of Ghana under the Gold-for-Reserves programme.
Kojo Oppong Nkrumah, Member of Parliament for Ofoase-Ayirebi, told journalists in Accra on Monday, December 29, that the inquiry should be conducted by a parliamentary ad-hoc committee with powers to subpoena all contracts, licenses, intermediaries, and related entities.
He emphasized that the committee should require the Bank of Ghana (BoG) and the Ghana Gold Board (GoldBod) to disclose fee structures, pricing formulas, aggregator selection criteria, and foreign exchange arrangements connected to the programme.
Nkrumah also called for the suspension of permits in forest reserves and the implementation of strict traceability measures, citing concerns that state funds may have been used to purchase gold from illegal mining activities.
He stressed that any proven negligence or corruption must result in prosecutions and the recovery of all misappropriated funds.
“We are demanding a bipartisan parliamentary inquiry into the circumstances under which the Republic of Ghana has lost $214 million, potentially rising to $300 million. This inquiry should be conducted by Parliament via an ad-hoc committee with the power to subpoena all contracts, licenses, and intermediaries,” Nkrumah stated.
“We expect BoG and GoldBod to publish fee structures, pricing formulas, aggregator selection criteria, and all foreign exchange arrangements tied to this scheme. We also call for the suspension of permits in forest reserves and the introduction of strict traceability measures. Where negligence or corruption is proven, prosecutions must follow and recoverable funds must be returned to the state.”
The Minority’s call comes after the International Monetary Fund (IMF) raised concerns over the reported losses, warning they could pose a risk to Ghana’s macroeconomic stability. The IMF attributed the losses to transactions involving artisanal and small-scale mining (ASM) dore gold and cited alleged GoldBod off-taker fees.
GoldBod, however, has denied any losses, describing the IMF claims as inaccurate. Earlier this month, the Board’s CEO, Sammy Gyamfi, stated that GoldBod expects an income surplus of at least 600 million cedis for the 2025 financial year and clarified that it does not charge off-taker fees.
He explained that GoldBod’s role is limited to purchasing, assaying, and exporting gold on behalf of BoG, while all trading and sale agreements with off-takers fall under the central bank’s responsibility.
Gyamfi further highlighted that GoldBod contributed over $10 billion in foreign exchange in 2025 through the purchase of more than 100 tonnes of ASM gold for BoG. He added that the Board has also supported purchases from large-scale mining companies, boosting Ghana’s foreign reserves and strengthening the cedi.
