Murtala Agalga Demands Thorough Probe into GoldBod Scheme

Incoming Majority Leader James Agalga is demanding a broader probe into Ghana's Domestic Gold Purchase Programme, arguing that any investigation limited to 2025 would fail to give a complete picture of the scheme.

Investigation Scope Widens

Agalga wants Parliament to return to the programme's origins and examine how gold purchases were conducted under previous administrations. He said the probe should cover the period from 2021, when the Domestic Gold Purchase Programme began, rather than focus solely on GoldBod's operations in 2025.

"You want us to interrogate matters properly; you do a holistic investigation," Agalga said. He believes that 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.

Agreements and Costs

Agalga pointed out that the agreement between the PMMC and the Bank of Ghana, which dates back to 2023, is still in force. He wants Parliament to establish how costs associated with gold purchases were handled under the earlier programme and determine whether similar practices continue today. Specifically, he questioned whether the PMMC purchased dore gold at forex bureau rates rather than Bank of Ghana rates in 2021.

"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 asked. He said the difference between the two rates could have implications for the programme's cost.

Defending GoldBod

Agalga also defended GoldBod against claims that it had incurred losses, saying documents he had reviewed showed otherwise. "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," he said.

He cited an agreement between the PMMC and the Bank of Ghana covering costs associated with domestic gold purchases, which include "security, insurance, assay, smelting, etc." According to Agalga, GoldBod is an agent of the Bank of Ghana and therefore should not be treated as the entity bearing those costs. "The principal must pay the cost. Gold Board itself has never incurred losses. On the contrary, they have made a surplus, huge, in the region of what, 4 billion plus, thereabout, and that is captured in the Auditor-General's report," he said.

What's Next

Agalga wants the investigation to bring all the issues to the fore. "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," he said. The outcome of the investigation remains uncertain, but one thing is clear: Agalga is determined to ensure that the truth about the Domestic Gold Purchase Programme is revealed.

Source: JOY