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The Opposition in Parliament has urged for a cooperative inquiry into the alleged $214 million deficit incurred by the Bank of Ghana through the Gold-for-Reserves initiative.
Kojo Oppong Nkrumah, MP for Ofoase Ayirebi, spoke to reporters in Accra on Monday, December 29, indicating that the investigation ought to be carried out by a parliamentary ad-hoc committee empowered to subpoena all contracts, licenses, intermediaries, and associated entities.
He stated that the committee ought to mandate the Bank of Ghana and the Ghana Gold Board (GoldBod) to reveal their fee structures, pricing formulas, criteria for aggregator selection, and foreign exchange arrangements related to the programme.
He additionally urged for a halt on permits in forest reserves and the implementation of stringent traceability measures, citing worries that state money might have been utilized to buy gold from unlawful mining operations.
He mentioned that if negligence or corruption is established, legal actions should be taken, and all recoverable assets should be returned to the state.
“We are demanding the following: a bipartisan parliamentary inquiry into the circumstances under which the republic of Ghana has lost $214 million heading to $300million to be done here by the parliament of Ghana. We are asking for a parliamentary adhoc investigative committee with power to subpoena all contracts, licences, intermediaries including this power rock monopoly.
“Under this bipartisan enquiry we will be expecting the BoG and the GoldBod to publish the fees structure, the pricing formula, the aggregator selecting criteria and all foreign exchange arrangement that they have tied to this scheme which has led to this loss.
“…One of the things we will be asking for is the suspension of permit in forest reserves and the introduction of serious measures on traceability because as at now we have every reason to believe that state money is being used to buy Galamsey gold…Where negligence or corruption is proven, prosecutions must follow and all recoverable funds must be given back to the state,” Nkrumah stated.
The Minority’s call follows the International Monetary Fund (IMF) expressing concerns about the reported losses, labeling them a possible threat to Ghana’s macroeconomic stability. The IMF linked the losses to dealings in artisanal and small-scale mining dore gold and mentioned supposed “GoldBod off-taker fees.”
GoldBod, on the other hand, has rejected the notion of suffering any losses, calling the IMF assertions incorrect. In a statement released earlier this month, the Board’s CEO, Sammy Gyamfi, indicated that GoldBod anticipates an income surplus of at least 600 million cedis for the 2025 financial year and emphasized that it does not impose off-taker fees.
He clarified that GoldBod’s responsibilities are restricted to buying, assaying, and exporting gold for the Bank of Ghana, whereas all trading and sale contracts with off-takers are managed by the central bank.
Mr. Gyamfi emphasized that GoldBod has provided over 10 billion dollars in foreign exchange in 2025 by acquiring more than 100 tonnes of artisanal and small-scale mining gold for the Bank of Ghana. He also mentioned the Board’s backing in acquiring output from major mining firms, which has aided in increasing Ghana’s foreign reserves and reinforcing the cedi.
Source: Ghanatodayonline.com
