The Minority in Parliament has urged a bipartisan investigation into the reported $214 million loss by the Bank of Ghana (BoG) under the Gold-for-Reserves programme.
Addressing journalists in Accra on Monday, December 29, Kojo Oppong Nkrumah, MP for Ofoase Ayirebi, called for the inquiry to be conducted by a parliamentary ad-hoc committee with powers to subpoena all contracts, licenses, intermediaries, and related entities involved in the programme.
He said the committee should require both the Bank of Ghana and the Ghana Gold Board (GoldBod) to disclose their fee structures, pricing formulas, criteria for selecting aggregators, and foreign exchange arrangements connected to the scheme.
Nkrumah also advocated for the suspension of permits in forest reserves and the introduction of strict traceability measures, citing concerns that state funds may have been used to purchase gold from illegal mining operations. He added that any proven negligence or corruption should result in prosecution, and all recoverable funds should be returned to the state.
“We are demanding a bipartisan parliamentary enquiry into the circumstances under which Ghana has lost $214 million, potentially rising to $300 million. We are asking for a committee with the power to subpoena all contracts, licenses, intermediaries, including this Power Rock monopoly,” Nkrumah stated.
He continued: “Under this enquiry, we expect the BoG and GoldBod to publish the fee structure, pricing formula, aggregator selection criteria, and all foreign exchange arrangements tied to this scheme. We also demand the suspension of permits in forest reserves and strong traceability measures, as there are concerns that state money is being used to buy Galamsey gold. Where negligence or corruption is proven, prosecutions must follow and all recoverable funds returned to the state.”
The call by the Minority comes after the International Monetary Fund (IMF) raised concerns about the losses, warning that they could pose risks to Ghana’s macroeconomic stability. The IMF attributed the losses to transactions involving artisanal and small-scale mining dore gold and referenced alleged “GoldBod off-taker fees.”
GoldBod, however, has denied any losses, describing the IMF’s claims as inaccurate. In a statement earlier this month, CEO Sammy Gyamfi said the Board expects an income surplus of no less than 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 the Bank of Ghana, while trading and sales agreements with off-takers fall under the central bank’s mandate.
Gyamfi further highlighted that GoldBod has contributed over $10 billion in foreign exchange in 2025 through the purchase of more than 100 tonnes of artisanal and small-scale mining gold for the BoG. He noted that the Board has also supported purchases from large-scale mining companies, helping to boost Ghana’s foreign reserves and strengthen the cedi.
