The Minority in Parliament has called for a bipartisan investigation into the reported $214 million loss by the Bank of Ghana under the Gold-for-Reserves programme.

Kojo Oppong Nkrumah, Member of Parliament for Ofoase Ayirebi addressing journalists in Accra on Monday December 29 stated that the enquiry should be conducted by a parliamentary ad-hoc committee with the power to subpoena all contracts, licenses, intermediaries, and related entities.

He said the committee should require the Bank of Ghana and the Ghana Gold Board (GoldBod) to disclose their fee structures, pricing formulas, aggregator selection criteria, and foreign exchange arrangements linked to the programme.

He further called for the suspension of permits in forest reserves and the introduction of strict traceability measures, citing concerns that state funds may have been used to purchase gold from illegal mining activities.

He added that where negligence or corruption is proven, prosecutions must follow and all recoverable funds returned to the state.

“We are demanding the following: a bipartisan parliamentary enquiry into the circumstances under which the republic of Ghana has lost $214 million heading to $300million to be done here by the parliament of Ghana. We are asking for a parliamentary adhoc investigative committee with power to subpoena all contracts, licences, intermediaries including this power rock monopoly. 

“Under this bipartisan enquiry we will be expecting the BoG and the GoldBod to publish the fees structure, the pricing formula, the aggregator selecting criteria and all foreign exchange arrangement that they have tied to this scheme which has led to this loss.

“…One of the things we will be asking for is the suspension of permit in forest reserves and the introduction of serious measures on traceability because as at now we have every reason to believe that state money is being used to buy Galamsey gold…Where negligence or corruption is proven, prosecutions must follow and all recoverable funds must be given back to the state,” Nkrumah stated.

The call by the Minority comes after the International Monetary Fund (IMF) raised concerns over the reported losses, describing them as a potential risk to Ghana’s macroeconomic stability. The IMF attributed the losses to transactions involving artisanal and small-scale mining dore gold and referenced alleged “GoldBod off-taker fees.”

GoldBod, however, has denied incurring any losses, describing the IMF claims as inaccurate. In a response issued earlier this month, the Board’s CEO, Sammy Gyamfi, stated 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. He explained that GoldBod’s role is 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.

Mr. Gyamfi highlighted that GoldBod has contributed 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.