Minority calls for bipartisan probe into $214 million BoG gold-for-reserves loss

The Minority in Parliament has urged the establishment of a bipartisan ad-hoc committee to investigate the reported $214 million loss suffered by the Bank of Ghana (BoG) under the Gold-for-Reserves programme, citing serious concerns about accountability, transparency, and environmental governance.

Speaking to journalists in Accra on Monday, December 29, Ofoase Ayirebi MP Kojo Oppong Nkrumah said the magnitude of the loss warrants immediate and rigorous scrutiny in the interest of Ghanaians.

The Minority noted that the Gold-for-Reserves initiative, originally designed to strengthen Ghana’s foreign reserves and stabilise the cedi, has instead been plagued by opacity, raising questions about pricing, intermediaries, and oversight.

Mr Oppong Nkrumah, representing the caucus, outlined four key demands, starting with the creation of a Parliamentary Ad-hoc Investigative Committee. The committee, he said, should have the authority to subpoena all contracts, licences, and intermediaries involved, including what the Minority described as the “Bawa-Rock monopoly.”

The caucus also called for full disclosure, insisting that both the Bank of Ghana and GoldBod release all relevant information, including fee structures, pricing formulas, criteria for aggregator selection, and foreign-exchange arrangements related to gold purchases.

On environmental issues, the Minority demanded urgent action, including suspending mining permits in forest reserves and introducing blockchain-based traceability for all gold acquisitions under the programme.

Further, they called for accountability “without fear or favour,” insisting that the BoG Governor and GoldBod CEO appear before the committee and cooperate fully with investigations. “Where negligence or corruption is proven, criminal prosecutions must follow, and all recoverable funds must be reclaimed,” he added.

Framing the matter as a national concern, the Minority warned that the controversy touches on Ghana’s responsibility for its natural resources. “This crisis transcends politics. It is about whether Ghana still has guardians or only spectators,” the caucus said.

The Minority appealed to traditional leaders, faith-based organisations, traders, students, labour unions, civil society, academia, and the diaspora to demand accountability. “Gold may glitter, but truth endures,” Mr Oppong Nkrumah said, cautioning that silence in the face of alleged mismanagement would amount to collective failure.

“May history record that when our gold was taken, our rivers poisoned, and our future mortgaged, we all stood up,” he added, urging citizens to act, describing the moment as one for active engagement, not passive observation.