Minority Calls for Parliamentary Probe into Alleged $214m Loss under BoG Gold-for-Reserves Scheme
The Minority in Parliament has called for a bipartisan investigation into a reported $214m loss linked to the Bank of Ghana’s Gold-for-Reserves programme, raising concerns about transparency, accountability and environmental safeguards.
Speaking to journalists on Monday, December 29, 2025, Minority spokesperson Kojo Oppong Nkrumah said the scale of the alleged loss required urgent scrutiny in the public interest.
The Gold-for-Reserves initiative was introduced to boost Ghana’s foreign exchange reserves and help stabilise the local currency, the cedi. But the Minority says the programme has become opaque, with unanswered questions over pricing, the role of intermediaries and oversight arrangements.
Mr Oppong Nkrumah said the caucus was demanding the creation of a parliamentary ad-hoc investigative committee with powers to subpoena contracts, licences and all parties involved in the scheme. He also cited concerns about what the Minority described as a “Bawa-Rock monopoly” within the programme.
In addition, the Minority is calling for full public disclosure by the Bank of Ghana and GoldBod, including details on fee structures, pricing formulas, how aggregators were selected and the foreign exchange arrangements underpinning the gold purchases.
The caucus also raised environmental concerns, urging emergency measures such as the suspension of mining permits in forest reserves and the introduction of blockchain-based traceability systems to track gold bought under the programme from mine to market.
It further demanded that the Governor of the Bank of Ghana and the Chief Executive of GoldBod appear before the proposed committee.
“Where negligence or corruption is established, criminal prosecutions must follow, and all recoverable funds must be retrieved,” Mr Oppong Nkrumah said.
Describing the issue as a national matter rather than a partisan one, the Minority said it went to the heart of how Ghana manages its natural resources.
“This crisis transcends politics,” the caucus said, adding that it would appeal to traditional leaders, civil society, faith-based organisations, labour groups and the wider public to demand accountability.
The Bank of Ghana has yet to publicly respond to the Minority’s call.
