The Centre for Policy Scrutiny (CPS) has endorsed calls for an independent investigation into reported losses of GHS 22 billion under Ghana’s Domestic Gold Purchase Programme (DGPP). This amount, equivalent to US$1.7 billion, represents a significant financial concern for the nation.
The policy think-tank stated these reported losses are a matter of significant public interest. It demands a comprehensive, transparent, and evidence-based inquiry. The investigation aims to establish how these losses were incurred and who bears responsibility for them. This move follows a fresh motion by the Minority in Parliament seeking an inquiry.
This development fits into Ghana's broader economic narrative concerning public finance management and accountability. The country has been working to stabilize its economy, with foreign exchange reserves being a critical component. Allegations of such substantial losses could impact investor confidence and the nation's financial stability. Previous discussions around the DGPP have highlighted its potential implications for Ghana’s foreign-exchange reserves.
The CPS specifically welcomed Minority Leader Alexander Afenyo-Markin’s call for an Ad Hoc Committee to investigate the reported losses by GoldBOD. The Centre emphasized that the parliamentary inquiry must extend beyond the reported figure. It should examine the transactions, institutions, and financing arrangements underpinning the DGPP. This includes scrutinizing the roles of the Bank of Ghana (BoG) and GoldBOD.
The investigation must establish the exact nature and source of the reported US$1.7 billion losses. It needs to identify the specific transactions that generated them. Furthermore, the inquiry should determine the basis on which these figures were calculated. The CPS also calls for a thorough examination of the responsibilities, financial exposures, and accounting methods of both the Bank of Ghana and GoldBOD.
According to the Centre, the inquiry must also assess whether the DGPP has delivered value commensurate with the resources committed. This is particularly important given its potential impact on Ghana’s foreign-exchange reserves and public finances. The CPS advocates for a bipartisan and transparent process, anchored in documentary evidence. This means relying on audited accounts, transaction records, contracts, and other relevant documents, rather than political claims.
“The investigation should remain transparent, evidence-based and bipartisan,” the Centre stressed in its statement. This approach aims to ensure credibility and public trust in the findings. The CPS believes this parliamentary process offers an opportunity to resolve competing claims surrounding the reported losses. It also serves to strengthen accountability in managing Ghana’s gold and foreign-exchange resources.
The Centre urges Parliament to proceed with the investigation diligently. It expects the findings to provide clear answers to four key questions. These questions are: what happened, why it happened, who bears responsibility, and what measures are required to prevent a recurrence. Addressing these points will be crucial for future economic policy and public confidence. The outcome will inform future governance practices within state-backed financial programs. This robust inquiry is essential for maintaining fiscal discipline and protecting national assets. It will also demonstrate Ghana's commitment to good governance and financial oversight, which is vital for attracting foreign investment and ensuring sustainable economic growth.