Minority Demands Bipartisan Probe into $214m BoG Loss
The Minority in Parliament is calling for a joint investigation into the alleged $214 million loss incurred by the Bank of Ghana (BoG) under the Gold-for-Reserves programme. According to the Minority, the loss, revealed in data submitted to the International Monetary Fund (IMF), raises serious concerns about accountability and transparency.
The programme, introduced to boost Ghana’s foreign reserves and stabilise the cedi, has been shrouded in opacity, with questions surrounding pricing, intermediaries, and oversight. The Minority is demanding a parliamentary ad-hoc investigative committee with subpoena powers to examine contracts, licences, and intermediaries involved.
Key Demands of the Minority
– *Full Disclosure*: Publish fee structures, pricing formulas, and foreign-exchange arrangements tied to the gold purchases
– *Environmental Measures*: Suspend mining permits in forest reserves and introduce blockchain-based traceability systems
– *Accountability*: Governor of BoG and CEO of GoldBod should appear before the committee for questioning
The Minority argues that the loss could have funded vital projects, such as 12 fully equipped district hospitals or tens of thousands of boreholes. They accuse the government of shifting focus from building reserves to speculative trading, resulting in minimal reserve growth.
The CEO of GoldBod, Sammy Gyamfi, has welcomed the probe, pledging to provide full details and explanations. He dismissed criticisms as hypocritical, citing greater losses under the previous NPP administration and highlighting economic progress under current management .
Author: K. Mawuli
