Hon. Agalga Defends Gold Board Amid Probe Calls

Incoming Majority Leader James Agalga has defended the Ghana Gold Board (GoldBod) against mounting calls for a parliamentary probe into alleged losses under the government's domestic gold purchase programme. The calls for a probe come after the Minority pushed for an ad hoc committee to investigate the reported losses associated with the programme.

GoldBod's Response to Allegations

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. "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," he said. He questioned whether a probe limited to 2025 would provide a complete picture of the programme and its associated costs, pointing out that documents he had reviewed showed that the issues surrounding the programme predated the establishment of GoldBod in its current form.

Auditor-General's Report and Bank of Ghana Agreement

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, which contains provisions covering costs associated with the domestic gold purchase programme and remains in force. Agalga argued that GoldBod, as an agent of the Bank of Ghana, should not be treated as the entity that bears those costs, and that the principal must pay the cost. He cited an Auditor-General's report which stated that GoldBod had made a surplus in the region of 4 billion plus.

IMF Report and Programme's History

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 stated that $400 million was lost through the Domestic Gold Purchase Programme designed to support the currency. He therefore wants the proposed investigation to cover the programme from its inception, saying that limiting the scope to only 2025 would be a disservice to the people of the country. "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," he said.

The Ghana Gold Board's operations are now under scrutiny, with Agalga's comments coming as the Minority continues to push for a parliamentary probe into alleged losses under the government's domestic gold purchase programme. The probe is expected to shed light on the programme's history and the handling of costs by the previous administration.

Source: JOY