The Minority in Parliament has urged the creation of a bipartisan ad-hoc committee to investigate the reported $214 million loss incurred by the Bank of Ghana (BoG) under the Gold-for-Reserves programme, citing serious concerns over accountability, transparency, and environmental governance.
Addressing journalists in Accra on Monday, December 29, Ofoase Ayirebi MP Kojo Oppong Nkrumah said the scale of the reported loss warrants immediate and thorough scrutiny for the benefit of Ghanaians.
“The Gold-for-Reserves initiative, intended to strengthen foreign reserves and stabilise the cedi, has instead become shrouded in opacity, with troubling questions surrounding pricing, intermediaries, and oversight,” he noted.
Mr. Oppong Nkrumah outlined a four-point plan, starting with the establishment of a Parliamentary Ad-hoc Investigative Committee. “The committee must be empowered to subpoena all contracts, licences, and intermediaries involved in the programme, including what we describe as the ‘Bawa-Rock monopoly,’” he said.
The Minority also called for full national disclosure, urging the Bank of Ghana and GoldBod to publish details of the programme, including fee structures, pricing formulas, aggregator selection criteria, and foreign-exchange arrangements tied to gold purchases.
Highlighting environmental concerns, the caucus demanded emergency measures such as suspending mining permits in forest reserves and introducing blockchain-based, mine-level traceability systems for all gold purchases under the scheme.
Insisting on accountability “without fear or favour,” the Minority demanded that the Governor of the Bank of Ghana and the CEO of GoldBod appear before the committee and cooperate fully with the investigation. “Where negligence or corruption is established, criminal prosecutions must follow, and all recoverable funds must be clawed back,” he stressed.
Framing the issue as a national concern rather than a partisan one, the Minority said the controversy challenges Ghana’s ability to protect its natural resources.
“This crisis transcends politics. It is about whether Ghana still has guardians or only spectators,” the caucus declared.
The Minority also called on traditional leaders, faith-based organisations, traders, students, labour unions, civil society, academia, and the diaspora to speak up in defense of the country’s patrimony.
“Gold may glitter, but truth endures,” Mr. Oppong Nkrumah warned, adding: “May history record that when our gold was taken, our rivers poisoned, and our future mortgaged, we all stood up.”
He concluded by urging Ghanaians to demand accountability, describing the moment as “not a time for spectators, but a moment for citizens.”
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