Gold-for-Reserves Program Under Fire

The Minority in Parliament is accusing the Mahama government of mismanaging the Gold-for-Reserves program, citing losses of $214 million within nine months. According to TV3 News, the opposition party is calling for a comprehensive investigation into the matter, demanding answers from the Bank of Ghana.

The Gold-for-Reserves program, initiated by the previous NPP government, aims to strengthen Ghana’s foreign reserves by purchasing gold from local producers. However, the Minority alleges that the current administration has politicized and recklessly expanded the program, resulting in significant losses.

According to the Deputy Minority Leader, Patricia Appiagyei, the losses could have been avoided and used to build hospitals, equip schools, and support farmers. She questions what changed since President Mahama took office, given that the program was functioning effectively under the previous administration.

The Bank of Ghana and GoldBod, Ghana’s gold board, have denied incurring losses, attributing the situation to intentional policy design. GoldBod’s CEO, Sammy Gyamfi, emphasizes that the program was created by the Bank of Ghana in 2022, and any losses are reflected in the central bank’s books ¹ ².

The Minority is pushing for a bipartisan parliamentary inquiry, seeking transparency and accountability in the program’s operations. They also raise concerns about potential corruption and the use of state funds to purchase gold from illegal mining operations.

The situation has sparked heated debate, with the Minority demanding action to address the alleged mismanagement and ensure the program benefits Ghana’s economy.

Source: TV3 News, GhanaWeb

Author: Korkor Anumu