The Minority in Parliament has called for a bipartisan investigation into the reported $214 million loss allegedly incurred by the Bank of Ghana (BoG) under the Gold-for-Reserves programme.
Addressing journalists in Accra on Monday, December 29, 2025, the Member of Parliament for Ofoase Ayirebi, Kojo Oppong Nkrumah, said the inquiry should be carried out by a parliamentary ad-hoc committee with full subpoena powers.
According to him, the committee must be empowered to examine all contracts, licences, intermediaries, and entities involved in the programme.
Mr. Oppong Nkrumah stated that the Bank of Ghana and the Ghana Gold Board (GoldBod) should be compelled to disclose their fee structures, pricing formulas, criteria for selecting aggregators, and all foreign exchange arrangements connected to the scheme.
He also called for the suspension of mining permits in forest reserves and the introduction of strict gold traceability measures.
He explained that there are serious concerns that state funds may have been used to purchase gold sourced from illegal mining activities.
The MP stressed that if investigations uncover negligence or corruption, those responsible must be prosecuted and all recoverable funds returned to the state.
“We are demanding a bipartisan parliamentary inquiry into the circumstances under which the Republic of Ghana has reportedly lost $214 million, potentially rising to $300 million. This investigation must be conducted by Parliament through an ad-hoc committee with the power to subpoena all contracts, licences, and intermediaries involved,” he said.
He added that the inquiry must require the Bank of Ghana and GoldBod to publish full details of their fee structures, pricing mechanisms, aggregator selection processes, and foreign exchange arrangements that may have contributed to the losses.
Mr. Oppong Nkrumah further noted that permits in forest reserves should be suspended and robust traceability systems introduced, arguing that there is reason to believe state funds are currently being used to purchase gold from illegal mining (galamsey) operations.
The Minority’s call follows concerns raised by the International Monetary Fund (IMF), which described the reported losses as a potential threat to Ghana’s macroeconomic stability.
The IMF linked the losses to transactions involving artisanal and small-scale mining dore gold and cited alleged “GoldBod off-taker fees.”
GoldBod has since rejected the IMF’s claims, describing them as inaccurate.
In a statement issued earlier this month, GoldBod Chief Executive Officer, Sammy Gyamfi, said the Board expects a surplus of at least 600 million cedis in the 2025 financial year.
He clarified that GoldBod does not charge off-taker fees.
Mr. Gyamfi explained that GoldBod’s role is limited to purchasing, assaying, and exporting gold on behalf of the Bank of Ghana, while all trading and sales agreements with off-takers are handled solely by the central bank.
He further stated that GoldBod has contributed over $10 billion in foreign exchange in 2025 through the purchase of more than 100 tonnes of gold from artisanal and small-scale miners for the Bank of Ghana.
He added that the Board’s support in buying output from large-scale mining companies has helped strengthen Ghana’s foreign reserves and stabilise the cedi.
