James Agalga, the incoming Majority Leader, has defended the Ghana Gold Board (GoldBod) against calls for a parliamentary probe into alleged losses under the government's domestic gold purchase programme. Speaking on Joy News' PM Express on Monday, Agalga said GoldBod was prepared to have its operations scrutinised and would not shy away from accountability.
Calls for Probe Over Domestic Gold Trading Programme
The Minority had pushed for an ad hoc committee to investigate the reported losses associated with the domestic gold trading programme. However, Agalga questioned whether a probe limited to 2025 would provide a complete picture of the programme and its associated costs. He argued that documents he had reviewed showed that the issues surrounding the programme predated the establishment of GoldBod in its current form.
"I have had discussions with Mr Sammy Gyamfi, the CEO of the Gold Board. I have had the opportunity to peruse very important documents which are relevant to the discourse on whether or not Gold Board incurred losses and all that," Agalga said.
Auditor-General's Report Shows No Adverse Findings
According to Agalga, the Auditor-General's 2025 report contained no adverse findings against GoldBod. He also pointed to an agreement between the now-defunct Precious Minerals Marketing Company (PMMC) and the Bank of Ghana dated 2023. This agreement, Agalga said, contains provisions covering costs associated with the domestic gold purchase programme and remains in force.
IMF Report Cites Losses Under Previous Administration
Agalga further argued that Parliament should examine the programme's earlier years to determine how costs were handled under the previous administration. He cited an IMF report which, he said, stated that $400 million was lost through the Domestic Gold Purchase Programme designed to support the currency. Agalga therefore wants the proposed investigation to cover the programme from its inception.
"If you limit your investigation, when in actual fact we are talking about an agreement which is still in force and I have copies which hasn’t been terminated, it dates back to 2023, that agreement that I’ve seen between the Precious Minerals Marketing Company and the Bank of Ghana, which is still in force, and you limit the scope to only 2025, you’ll be doing a grave disservice to the people of this country," Agalga said.
Parliament to Investigate Domestic Gold Trading Programme
Agalga's comments come as the Minority pushes for a parliamentary probe into the alleged losses under the government's domestic gold purchase programme. The proposed investigation is expected to bring all the issues to the fore and investigate them thoroughly so that Ghanaians can be properly guided by the findings. As the debate continues, one thing is clear: the fate of the domestic gold trading programme hangs in the balance, awaiting the outcome of the proposed investigation.
Source: Joy Online
