Ghana Parliament Demands Probe into GH¢22bn Gold Revenue Loss: What’s

The Ghana Parliament's Minority Leader, Alexander Afenyo-Markin, has announced plans to pursue a full inquiry into a reported GH¢22 billion loss associated with the Bank of Ghana's Domestic Gold Purchase Programme (DGPP). The move comes after the International Monetary Fund (IMF) reported a loss of approximately US$1.7 billion under the programme in 2025.

Minority Leader Calls for Transparency in Gold Programme

Minority Leader in Parliament, Alexander Afenyo-Markin, says the Minority Caucus will pursue the necessary parliamentary processes to secure a full inquiry into the reported GH¢22 billion loss. He stated that the Minority would focus on establishing how the reported US$1.7 billion loss arose, the institutions and individuals involved in the transactions, and the financial decisions that resulted in the loss.

The Minority Leader's comments follow an escalating war of words between him and the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, over the IMF-reported loss and GoldBod's role in the transactions. In a Facebook post, Afenyo-Markin emphasized that regardless of which institution's balance sheet ultimately carried the loss, the money involved was public funds and, therefore, subject to parliamentary scrutiny.

Questions Remain Over Transactions and Financial Decisions

Afenyo-Markin said the IMF's reported figure raised a number of questions that, in his view, required answers in the public interest. He stated that the Minority wanted details of the transactions, including the identities of the off-takers, discounts applied to gold purchases, and the authority under which such discounts were approved. "Whichever institution's balance sheet carries that figure, it represents public money," he said.

The Minority Leader also emphasized the need for transparency in the gold programme, saying that Ghanaians are entitled to know who the off-takers were, what discounts were applied to their purchases, on whose authority those discounts were approved, and what fees were earned from the transactions. He added that the Minority also wants the reported loss broken down to establish the specific factors that contributed to it.

Minority to Publish Sources and Evidence

Afenyo-Markin stated that the Minority intended to put the questions and supporting evidence before Parliament and the public rather than rely on political claims or personal assertions. "These questions belong in the public record," he said. He added that the Minority would publish its sources and place the information before the public to enable Ghanaians to assess the evidence for themselves.

The Minority Leader's comments come amid a broader debate over the financial performance and structure of the DGPP, under which the central bank purchased gold domestically as part of efforts to build reserves and support the country's foreign exchange position. GoldBod has played a significant role in Ghana's domestic gold purchasing arrangements, making its operations a key part of the political and public debate surrounding the programme.

Call for Greater Disclosure in Gold Programme

The latest development is likely to intensify calls for greater disclosure around the DGPP, particularly concerning the pricing of gold, off-take arrangements, foreign exchange exposures, fees, and the decision-making processes behind the transactions. As the Minority Leader continues to push for transparency, it remains to be seen how the government and the Bank of Ghana will respond to the growing calls for accountability in the gold programme.

The Minority Leader's pursuit of a full inquiry into the reported GH¢22 billion loss is a significant development in the ongoing debate over the gold programme. As the investigation unfolds, it is likely that more information will come to light, shedding further light on the transactions and financial decisions that have led to the reported loss.

Source: JOY