Incoming Majority Leader James Agalga has demanded a comprehensive audit of Ghana’s Domestic Gold Purchase Programme. He argues that any investigation limited to 2025 would fail to provide a complete picture of the scheme.
Mr. Agalga, the Builsa North Member of Parliament, stated that Parliament must examine the programme’s origins. This includes how gold purchases were conducted under previous administrations. He insists the probe should cover the period from 2021, when the Domestic Gold Purchase Programme began. This is instead of focusing solely on GoldBod’s operations in 2025.
This demand comes amid ongoing scrutiny of Ghana’s gold trading activities. The country has been working to shore up its foreign exchange reserves and stabilise the Ghana cedi. Ensuring transparency and accountability in such large-scale economic programmes is crucial for investor confidence and public trust. The Domestic Gold Purchase Programme aims to boost the Bank of Ghana’s gold reserves.
“You want us to interrogate matters properly; you do a holistic investigation,” Mr. Agalga stated on Joy News’ PM Express. He highlighted that an agreement between the Precious Minerals Marketing Company (PMMC) and the Bank of Ghana remains active. This agreement dates back to 2023. Limiting the investigation to 2025 would ignore this crucial, ongoing arrangement. Such a narrow scope would do a “grave disservice to the people of this country,” he added.
Mr. Agalga wants Parliament to establish how costs associated with gold purchases were handled under the earlier programme. He also seeks to determine if similar practices continue today. Specifically, he questioned whether the PMMC purchased dore gold, which is raw gold, at forex bureau rates rather than Bank of Ghana rates in 2021. The difference between these two rates could have significant financial implications for the programme’s cost. This practice could lead to substantial losses for the state. He asked, “So, who bears the costs associated with those differentials?”
The legislator also defended GoldBod against claims of incurring losses. He stated that documents he 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,” he affirmed. He added that GoldBod is ready for accountability. He cited the Auditor-General’s 2025 report, which contained no adverse findings against GoldBod. This report suggests the entity has managed its finances effectively.
Mr. Agalga further clarified GoldBod’s role as an agent of the Bank of Ghana. He explained that an agreement between the PMMC and the Bank of Ghana covers costs associated with domestic gold purchases. These costs include security, insurance, assay, and smelting. Therefore, the principal, which is the Bank of Ghana, must bear these costs. He asserted that GoldBod itself has never incurred losses. On the contrary, it has made a significant surplus, reportedly in the region of GHS 4 billion. This surplus is captured in the Auditor-General’s report. This financial performance contradicts public perceptions of the entity’s operations. The call for a full audit aims to bring all these issues to light. This will allow for a thorough investigation and proper guidance for the Ghanaian public.