Parliament has rejected a Minority-sponsored motion seeking the establishment of an ad hoc committee to investigate the Gold-for-Reserves scheme and its reported financial losses.
The proposed committee was expected to examine the scheme’s design, implementation, governance structure, financial performance, as well as its environmental and public health implications.
The motion was sponsored by the Member of Parliament (MP) for Ofoase-Ayirebi and Ranking Member on the Economy and Development Committee, Kojo Oppong Nkrumah; the MP for Manso Nkwanta, Tweneboah Kodua Fokuo; the MP for Weija/Gbawe, Jerry Ahmed Shaib; the MP for Old Tafo, Vincent Ekow Assafuah; and the MP for Offinso South, Dr Fred Kyei Asamoah.
It was formally moved by the Minority Leader, Alexander Afenyo-Markin, and seconded by the MP for Atiwa East, Abena Osei-Asare.
However, following a prolonged debate on the floor, the House rejected the motion by a voice vote, with the Speaker declining a request by the Minority Leader to conduct a secret ballot.
Case for the probe
Arguing in favour of the motion, Mr Afenyo-Markin said the gold purchasing initiative was intended to bring economic relief to Ghanaians but had instead resulted in significant financial losses.
He said the programme should not become a vehicle for draining public resources at a time when citizens were grappling with economic hardship.
According to him, within the first nine months of the operations of the Gold Board, an estimated $214 million had been lost.
“In this Parliament, the sovereign custodian of national interest is entitled, indeed, to know the charges that are going into individual pockets. Mr Speaker, it is my contention that this is a golden betrayal…,” he said.
He further argued that Parliament had both the authority and responsibility to investigate such matters under Article 103 of the Constitution.
“Mr Speaker, that provision exists precisely for moments like this. When a public institution entrusted with a strategic national resource has allegedly failed to catastrophically ensure that it protects public funds. Parliament must intervene,” he said.
He added that an International Monetary Fund (IMF) report had flagged concerns about the scheme, indicating that the Bank of Ghana recorded losses of $214 million within nine months.
Majority pushes back
In response, the Majority Leader, Mahama Ayariga, criticised the motion and questioned the commitment of its sponsors, noting that some had failed to appear in the House to support the debate.
He argued that Parliament was not mandated to investigate such schemes in the manner proposed and described the Minority’s arguments as weak.
Mr Ayariga also maintained that the Gold-for-Reserves initiative was not designed as a profit-making venture but rather as a strategic policy tool.
“Gold for Reserves is designed as a mechanism for enabling us to harness the opportunities that exist in our domestic gold production, to create reserves and deal with macroeconomic issues where we will actually make the profits.
“When you design a system like that, there would be a cost because you do not want gold miners to sell to smugglers,” he said.
He explained that the costs associated with incentivising miners to sell through official channels could be recorded as losses in the short term but were part of a broader economic strategy.
The rejection of the motion means the proposed parliamentary inquiry will not proceed, leaving the debate over the performance and accountability of the Gold-for-Reserves programme unresolved.
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