Talk, talk party – Kobby Mensah fires Oppong Nkrumah, NPP over Gold-for-Reserves claims

Professor Kobby Mensah has taken a swipe at the Minority in Parliament, dismissing their criticism of government economic policy as noisy rhetoric lacking practical alternatives.

The Associate Professor at the University of Ghana Business School and Chief Executive Officer of the Ghana Tourism Development Company Limited reacted after the Minority held a press conference, accusing the NDC government of incompetence and policy recycling, particularly over the Bank of Ghana’s Gold-for-Reserves programme.

In a post on X, Professor Mensah questioned the credibility of the Minority’s claims, pointing directly at their record while in government. Responding to former Information Minister Kojo Oppong Nkrumah, he challenged the opposition to show tangible results from their own ideas.

“Which of your ‘old’ ideas reduced the pound sterling from 23 cedis to 14? The dollar from 16 cedis to 11? Or reduced fuel from 20 cedis per litre to 10.37?” he asked, before adding pointedly, “Talk, Talk Party.”

The Minority’s press conference, led by Mr. Oppong Nkrumah, centred on allegations that the Gold-for-Reserves programme had caused an estimated $214 million loss to the state. They described the programme as poorly managed and demanded a bipartisan parliamentary inquiry into the transaction.

Addressing journalists, Mr. Oppong Nkrumah argued that the current administration lacks originality in economic management. “The truth about this government is that they have not introduced any superior economic ideas,” he said. “All they have been doing is rebranding, renaming old things and sometimes even hiding the details until we, the Minority, bring them to the public’s attention.”

He also questioned the government’s preparedness for the period after Ghana exits the International Monetary Fund programme. “So, when the IMF is no longer here by the middle of 2026 and they are finished rebranding the ideas they inherited, which new ideas would they be introducing?” he asked. “Which old ideas would they now be left with to copy, and who will be shepherding them?”

Beyond a general inquiry, the Minority is calling for the creation of a parliamentary ad-hoc investigative committee to probe the Gold-for-Reserves arrangement in detail. They want full disclosure of fees, pricing formulas, foreign exchange arrangements and the criteria used to select gold aggregators.

Environmental concerns have also been raised, with the Minority demanding answers on mining activities in forest reserves and the enforcement of traceability measures. “At present, we have every reason to believe that state money is being misused,” Mr. Oppong Nkrumah stated.

They further expect the Governor of the Bank of Ghana and the Chief Executive Officer of the Ghana Gold Board to appear before the proposed committee to answer questions surrounding the programme, as the political exchange over the policy continues to intensify.