Five Minority MPs in Parliament have formally initiated moves for a parliamentary investigation into the operations of the Bank of Ghana (BoG) and the Ghana Gold Board (GoldBod) over reported losses linked to the country’s gold-for-reserves programme.
The MPs have filed a Notice of Motion under Order 127, calling on the Speaker of Parliament to establish an Ad Hoc Committee to investigate what they describe as reported foreign exchange losses incurred by the central bank.
The move follows allegations by Minority Leader Osahene Alexander Afenyo-Markin that the government presided over losses estimated at US$1.7 billion, equivalent to about GH¢22 billion, under the Domestic Gold Purchase Programme.
The motion, filed on Wednesday, August 20, 2026, is being led by the Ranking Member on Economy and Ofoase-Ayirebi MP, Kojo Oppong Nkrumah.
He is supported by Manso Nkwanta MP Tweneboa Kodua Fokuo, Weija-Gbawe MP and Second Deputy Minority Whip Jerry Ahmed Shaib, Old Tafo MP Vincent Ekow Assafuah, and Offinso North MP Dr Fred Kyei Asamoah.
MPs want answers on reported losses
The proposed committee is expected to examine the design, implementation, governance and financial performance of the Gold-for-Reserves Scheme.
It will also investigate the reported US$1.7 billion foreign exchange loss, which the MPs say was flagged by the International Monetary Fund (IMF) in its sixth review completed on July 10, 2026.
Other areas of inquiry include the respective roles of the Bank of Ghana and GoldBod, including decisions on approvals, risk allocation and responsibility for the reported losses.
The MPs are also seeking scrutiny of the gold-sourcing process, particularly supply-chain due diligence, traceability and the possibility of illegally sourced gold entering the programme.
The environmental and public health implications of small-scale gold aggregation will also form part of the proposed inquiry.
Minority questions cost structure
Addressing a press conference, Mr Afenyo-Markin cited the IMF review as identifying losses associated with service and assay fees paid to GoldBod, discounts on gold sold to off-takers and exchange-rate losses arising from the difference between the forex bureau rate used to purchase gold and the cedi reference rate applied in the Bank of Ghana’s accounting.
He argued that the fact that losses may appear in the accounts of one state institution does not alter their wider economic impact.
“The accounting location of a loss does not change its economic reality,” he said.
According to the Minority Leader, having one state institution receive fees while another institution bears most of the financial downside could create what he described as “dangerously misaligned” incentives.
The proposed parliamentary investigation would therefore seek to establish how the programme was structured, who made key decisions and which institutions ultimately assumed the financial risks.
Probe to follow parliamentary resumption
The Minority has indicated that it intends to pursue the matter when Parliament resumes, with the proposed Ad Hoc Committee expected to provide a platform for detailed examination of the programme and the reported losses.
The development could put renewed scrutiny on the Bank of Ghana and GoldBod, particularly over the financial structure, governance and risk-management arrangements underpinning the government’s gold-for-reserves strategy.
