Gold for reserves probe will be pursued in the future – Oppong Nkrumah

The Minority in Parliament remains determined to investigate the controversial Gold-for-Reserves programme, despite the Majority blocking a formal inquiry, the Ofoase-Ayirebi MP, Kojo Oppong Nkrumah (KON), has stated.

Speaking after last Friday’s voice vote defeat of the motion he sponsored, Mr. Oppong Nkrumah described the Majority’s rejection as “bizarre” and a setback to Parliament’s constitutional oversight role. “There is no statute of limitations on matters such as this. The probe will be pursued, if not now, then in the future,” he said.

The motion, which he moved as Ranking Member on Parliament’s Economy and Development Committee, sought a comprehensive inquiry into the design, implementation, financial performance, and cost structure of the Gold-for-Reserves programme. Launched in 2021, the initiative aims to strengthen foreign exchange reserves, stabilise the cedi, and reduce dependence on external currencies by leveraging Ghana’s gold resources.

However, the programme has faced scrutiny over alleged financial losses and operational inefficiencies. Reports indicate the initiative recorded a loss of about $214 million in 2025. Mr. Oppong Nkrumah argued that Parliament must conduct a thorough investigation to ascertain the true state of affairs.

“These are not matters that should be brushed aside. Parliament approved this programme and must exercise its oversight responsibility to ensure value for money,” he said. He also raised concerns about the programme’s cost structure, noting that nearly 15 percent of every $10 million released by the Bank of Ghana in 2025 was lost to handling and related charges.

The MP further questioned the management of gold reserves under the initiative, claiming that about half of the acquired gold was sold in the last quarter of 2025, even as calls for an inquiry grew. He described potential repurchases at higher prices as “puzzling.”

Another critical issue he highlighted is the source of the gold used under the programme. Mr. Oppong Nkrumah warned that the initiative could be indirectly linked to illegal small-scale mining, popularly known as galamsey, stressing the importance of determining whether the programme is inadvertently supporting such operations.

Criticising the Majority, he said, “They have chosen to spin narratives instead of allowing a bipartisan inquiry to establish the facts.”

Despite the setback, Mr. Oppong Nkrumah reaffirmed the Minority’s commitment to exploring alternative avenues to ensure proper scrutiny. “A future Parliament could revisit the issue,” he added.

With the motion rejected, key questions about the Gold-for-Reserves programme’s financial performance, operational efficiency, and long-term sustainability remain unresolved for now.