Minority cries foul over ‘opaque’ Goldbod operations

The Minority in Parliament is demanding a bipartisan probe into a reported $214 million loss under the Gold-for-Reserves programme, citing accountability and transparency concerns.

Speaking to reporters on Monday, December 29, Ofoase Ayirebi MP and Minority spokesperson, Kojo Oppong Nkrumah, said the scale of the reported loss warrants swift investigations in the public interest.

According to the Minority caucus, the Gold-for-Reserves initiative—introduced to strengthen Ghana’s foreign reserves and stabilise the cedi—has become clouded by opacity, raising questions about pricing, intermediaries, and oversight.

Outlining a four-point demand, Mr Oppong Nkrumah called for the establishment of a parliamentary ad-hoc investigative committee with powers to subpoena all contracts, licences, and intermediaries involved, including what he described as the “Bawa-Rock monopoly.”

The caucus is also pushing for full national disclosure by the Bank of Ghana and the Ghana Gold Board (GoldBod), insisting that fee structures, pricing formulas, aggregator selection criteria, and foreign-exchange arrangements linked to the programme be made public.

On environmental governance, the Minority urged emergency measures, including the suspension of mining permits in forest reserves and the adoption of blockchain-based, mine-level traceability for all gold purchases under the scheme.

“Where negligence or corruption is established, criminal prosecutions must follow, and all recoverable funds must be clawed back,” Mr Oppong Nkrumah said.

The Minority declared: “This crisis transcends politics. It is about whether Ghana still has guardians or only spectators.” He added, “Gold may glitter, but truth endures,” warning that silence would amount to collective failure.

The Majority in Parliament has, however, dismissed the claims as false and politically motivated. Amenfi West MP and Chairman of Parliament’s Economy and Development Committee, Eric Afful, argued that the cited figure represents a transactional cost, not a loss.

“Look at the stability of the cedi now. Look at inflation and the cedi-dollar relationship. These indicators show that we are achieving results,” Afful said, accusing the Minority of attempting to undermine economic gains.

Afful also pointed to international recognition, stating, “I was at the IMF and World Bank annual meetings. Ghana was applauded. This is serious propaganda.”

He maintained that statutory accountability processes are underway, noting, “It is statutory that GoldBod will render accounts to Parliament, and that the Bank of Ghana will present its accounts before March.”

Emphasising his position, Afful said, “What they are claiming as a debt incurred by GoldBod is not true. It is a cost. It is a cost, it is not a loss.”

GoldBod has equally rejected claims of losses. Chief Executive Officer, Sammy Gyamfi, previously said GoldBod expects an income surplus of no less than 600 million cedis for 2025, adding that it does not charge off-taker fees.

He explained that GoldBod’s role is limited to purchasing, assaying, and exporting gold for the Bank of Ghana, while trading agreements fall under the central bank’s mandate.

The IMF has nonetheless flagged the reported losses as a potential macroeconomic risk, referencing transactions involving artisanal and small-scale mining dore gold, keeping the controversy firmly in the public spotlight.