GoldBod to Face MPs: Inquiry into Gold-Trade Losses Looms
The Ghana Gold Board (GoldBod) is set to face intense scrutiny from Members of Parliament (MPs) as the Minority Caucus demands accountability over the financial consequences of the Bank of Ghana's Domestic Gold Purchase Programme (DGPP). The programme, which was aimed at rebuilding Ghana's international reserves and supporting the foreign exchange market, has been mired in controversy over billions of dollars in gold transactions.
Controversy Over Gold-Trade Losses
The Minority in Parliament, led by Deputy Minority Leader Patricia Appiagyei, has stepped up its demand for transparency over the management of public resources. According to her, the Minority's concerns are not an attempt to undermine GoldBod, but rather a legitimate parliamentary demand for accountability over the programme. The Minority has interpreted the latest International Monetary Fund (IMF) findings as pointing to approximately US$1.7 billion in under-recoveries associated with the programme, equivalent to about GH¢22 billion at the current exchange rate.
GoldBod's CEO, Sammy Gyamfi, has rejected the Minority's characterisation of the figures, describing claims that GoldBod incurred a US$1.7 billion loss as false. He has argued that GoldBod's audited 2025 financial statements show an operational surplus of GH¢907 million and an overall surplus of GH¢5.4 billion.
Who Bears Responsibility?
The Minority Caucus has argued that GoldBod occupied a central position in the domestic gold market, with responsibility for buying, weighing, grading, assaying, valuing, and exporting gold. They are demanding greater disclosure of the pricing mechanisms, discounts, premiums, fees, off-taker arrangements, and other commercial terms underpinning the transactions. The Minority is also demanding clarity on the relationship between GoldBod and the Bank of Ghana, particularly why the central bank should bear the financial risk where GoldBod was involved in the operational chain.
The IMF has urged Ghana to end quasi-fiscal activities and strengthen the institutional framework surrounding domestic gold purchases. The Fund has also noted that the DGPP helped rebuild Ghana's external buffers, with the country's gross international reserves nearly doubling to about US$11.9 billion by the end of 2025.
Accountability Remains the Priority
The Minority Caucus is undeterred by GoldBod's defence, with Deputy Minority Leader Patricia Appiagyei insisting that the issue is about public money, public gold, and the management of a programme that involved billions of dollars. She said that Ghanaians deserve clear answers, and that Parliament has a constitutional responsibility to scrutinise the use of public resources and ensure that institutions entrusted with national assets operate transparently. The Minority will continue to pursue the matter through the appropriate parliamentary processes, with Appiagyei reiterating that accountability remains the priority.
Source: Joy Online
