The Ranking Member on Parliament's Economy Committee, Kojo Oppong Nkrumah, has called on the Bank of Ghana (BoG) to disclose the full amount of monetary financing provided to support the Domestic Gold Purchase Programme (DGPP), following reports of substantial losses linked to the initiative. The losses, exceeding US$1.7 billion in 2025, have raised concerns about the programme's financial arrangements.
Calls for Transparency
Kojo Oppong Nkrumah made the call for transparency after the International Monetary Fund (IMF) disclosed the losses linked to the Domestic Gold Purchase Programme. Speaking on Citi FM on Wednesday, August 5, he argued that while attention had largely focused on the reported losses, there was a need for greater transparency regarding the total amount of money the central bank injected into the programme.
The former Minister for Works and Housing maintained that the public deserved a complete picture of the financial arrangements behind the initiative, particularly the overall value of monetary financing extended to the Ghana Gold Board. He emphasized the need for full disclosure, indicating that the Minority Caucus and the New Patriotic Party (NPP) would continue scrutinizing the available data.
Implications for the Economy
The financing arrangement, according to Oppong Nkrumah, could have implications for the wider economy, including the Bank of Ghana's ongoing liquidity sterilisation measures aimed at reducing excess money in circulation. He also expressed concern over what he described as a lack of full disclosure surrounding the programme.
Scrutiny Continues
The Minority Caucus and the NPP will continue to scrutinize the available data, with Oppong Nkrumah promising to update the nation on their findings. "The other question that we will need to get into eventually is the 1.7 only the loss. What was the gross monetary financing that the Bank of Ghana availed to the Gold Board to be used for this?… In the coming days the Minority and the NPP, as we dig through the numbers some more, we'll update the nation on what we are finding," he said.
The Domestic Gold Purchase Programme became a major source of foreign exchange inflows and reserve accumulation for the Bank of Ghana, according to the IMF's 2026 Article IV Consultation and proposed Policy Coordination Instrument (PCI) report. The programme's losses, however, have raised questions about its financial sustainability and the need for greater transparency in its operations.
The Bank of Ghana's decision to implement the Domestic Gold Purchase Programme was aimed at boosting Ghana's foreign exchange reserves and supporting the country's economy. However, the programme's substantial losses have raised concerns about its effectiveness and the need for greater transparency in its operations.
The IMF's report highlights the programme's significant role in supporting Ghana's economy, but also notes the need for greater transparency and accountability in its operations. The Bank of Ghana's response to the programme's losses and its decision to implement the programme will be closely watched by the public and the international community.
The Minority Caucus and the NPP will continue to scrutinize the programme's financial arrangements and push for greater transparency. The public's right to know about the programme's financial arrangements and its impact on the economy will be at the forefront of their scrutiny.
Source: Joy Online
