James Agalga, the incoming Majority Leader, is demanding a full audit of Ghana's Domestic Gold Purchase Programme, citing concerns that a limited investigation into GoldBod's operations in 2025 would fail to give a complete picture of the scheme. The Builsa North MP wants Parliament to examine the programme's origins and cover the period from 2021, when the Domestic Gold Purchase Programme began.
Agalga Calls for Broader Probe
Speaking on Joy News' PM Express on Monday, Agalga argued that Parliament must return to the programme's origins and examine how gold purchases were conducted under previous administrations. He said limiting the investigation to 2025 would be particularly problematic because an agreement between the then Precious Minerals Marketing Company (PMMC) and the Bank of Ghana remains in force. Agalga wants Parliament to establish how costs associated with gold purchases were handled under the earlier programme and determine whether similar practices continue today.
Questions Over Gold Purchase Rates
Agalga specifically questioned whether the PMMC purchased dore gold at forex bureau rates rather than Bank of Ghana rates in 2021. He asked, "Is it the case that at that time, 2021, the Precious Minerals Marketing Company bought the dore, or they call it dore gold, whatever it is called, that's the raw gold, using forex bureau rates as opposed to the Bank of Ghana rate, which in itself would definitely account for some losses, right?" He said the difference between the two rates could have implications for the programme's cost.
GoldBod Defended Against Loss Claims
Agalga also defended GoldBod against claims that it had incurred losses, saying documents he had reviewed showed otherwise. He said, "I can tell you on authority that the Gold Board will relish any opportunity created for the issues that have come up over the period to be interrogated. So, they are ready. They are not running away from accountability." Agalga cited an agreement between the PMMC and the Bank of Ghana covering costs associated with domestic gold purchases.
Auditor-General's Report Cited
Agalga said the Auditor-General's 2025 report contained no adverse findings against GoldBod. He said, "You have an auditor-general's report dated 2025. No single adverse finding in that report was made against the Gold Board." He also pointed out that GoldBod is an agent of the Bank of Ghana and therefore should not be treated as the entity bearing costs associated with domestic gold purchases.
The Way Forward
Agalga wants the investigation to bring all the issues to the fore and determine whether similar practices continue today. He said, "So let us bring all the issues to the fore, investigate the matters thoroughly, and whatever findings we make, the people of this country can be properly guided." The outcome of the investigation will be crucial in determining the future of Ghana's Domestic Gold Purchase Programme.
Source: Joy Online
