Minority Demands Parliamentary Probe Into BoG-GoldBod $214m Loss

• The Minority in Parliament has called for a bipartisan probe into the Bank of Ghana’s reported $214 million loss under the Gold-for-Reserves programme
• Kojo Oppong-Nkrumah urged Parliament to investigate the role of the BoG and GoldBod, including their fee structure, pricing, and forex arrangements
• The IMF flagged the losses as a threat to Ghana’s macroeconomic stability, but GoldBod has rejected the claims, projecting a 600 million cedi surplus

The Minority in Parliament has called for a bipartisan parliamentary probe into the reported $214 million loss incurred by the Bank of Ghana (BoG) under the Gold-for-Reserves programme.

Addressing the press on Monday, December 29, 2025, the Member of Parliament for Ofoase Ayirebi, Kojo Oppong-Nkrumah, said the investigation should be conducted by a parliamentary ad-hoc committee.

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Oppong-Nkrumah, who addressed the media on behalf of the Minority, stated that the bipartisan committee should be tasked to demand that BoG and the Ghana Gold Board (GoldBod) explain their fee structure, pricing mechanisms, aggregator selection criteria, as well as foreign exchange arrangements in connection with the Gold-for-Reserves programme.

“Under this bipartisan enquiry, we will be expecting the BoG and the GoldBod to publish the fee structure, the pricing formula, the aggregator selection criteria, and all foreign exchange arrangements that they have tied to this scheme, which has led to this loss," he was reported to have said in a Citinewsroom report.

The Ofoase Ayirebi MP, who previously served as Minister for Information and Minister for Works and Housing under former President Nana Akufo-Addo, also called for the suspension of permits in forest reserves.

He further recommended the introduction of strict traceability measures while raising concerns about the possibility of state funds being used to purchase gold from illegal miners.

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“We are demanding the following: a bipartisan parliamentary enquiry into the circumstances under which the Republic of Ghana has lost $214 million, heading to $300 million, to be done here by the Parliament of Ghana. We are asking for a parliamentary ad-hoc investigative committee with the power to subpoena all contracts, licences, and intermediaries, including this Power Rock monopoly," he added.

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IMF's reports on Ghana's Gold-for-Reserves programme

The Minority in Parliament made these demands after the International Monetary Fund (IMF) raised concerns over the reported losses in the Gold-for-Reserves scheme.

In its country report on Ghana, the IMF said the losses posed a potential risk to Ghana’s macroeconomic stability.

It also attributed the losses to transactions involving artisanal and small-scale mining dore gold and referenced alleged “GoldBod off-taker fees.”

The GoldBod has, however, refuted these claims, describing the IMF’s report as inaccurate.

The Chief Executive Officer of the GoldBod, Sammy Gyamfi, in a response, explained that GoldBod expects an income surplus of no less than 600 million cedis for the 2025 financial year and clarified that it does not charge off-taker fees.

According to him, GoldBod’s role is only limited to purchasing, assaying, and exporting gold on behalf of the Bank of Ghana, while all trading and sale agreements with off-takers fall under the central bank’s mandate.

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Sammy Gyamfi further touted the GoldBod's contribution to the stability of Ghana's currency, raising over 10 billion dollars in foreign exchange in 2025 through the purchase of more than 100 tonnes of artisanal and small-scale mining gold for the Bank of Ghana.

He also noted the Board’s support in purchasing output from large-scale mining companies, which has helped boost Ghana’s foreign reserves and strengthen the cedi.

Goldbod generates over $8 billion in forex

Meanwhile, YEN.com.gh reported that Ghana’s small-scale gold export sector had generated over $8 billion in foreign exchange so far in 2025.

The figures have been provided by the Ghana Gold Board (GoldBod), which used to be the Precious Minerals Marketing Company (PMMC).

Small-scale miners exported 81,719.23 kilograms of gold during the period, valued at US$8.06 billion.

Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.

Source: YEN.com.gh