Ghana's parliamentary Minority has formally called for a transparent inquiry into an estimated GHS 22 billion ($1.7 billion) loss from the government's Domestic Gold Purchase Programme. Minority Leader Alexander Afenyo-Markin has filed a motion to establish a nine-member ad hoc committee to investigate these significant financial shortfalls.
The Minority's action stems from concerns that the Domestic Gold Purchase Programme, spearheaded by GOLDBOD, has failed due to these substantial losses. This parliamentary scrutiny aims to identify weaknesses in the policy and determine necessary corrective measures. The losses, estimated at GHS 22 billion in 2025, represent a major blow to public finances and raise questions about the programme's effectiveness.
This development fits into a broader narrative of economic accountability and transparency in Ghana. The country has faced economic challenges, including a high public debt burden and currency depreciation. Scrutiny of state-backed programmes, especially those involving significant financial outlays, is crucial for maintaining fiscal discipline. Previous reports from institutions like the International Monetary Fund (IMF) have highlighted the need for improved governance and oversight in public sector operations.
Minority Leader Alexander Afenyo-Markin stated, "The Minority's contention is that the Domestic Gold Purchase Programme by this government which is being spearheaded by the GOLDBOD, has failed as a result of these losses." He emphasized that this is a "policy failure that must be fixed." Afenyo-Markin also called for the inquiry's proceedings to be broadcast live, ensuring public access and greater accountability.
The establishment of this ad hoc committee, if approved, will place the government's gold-buying policy under intense parliamentary scrutiny. Decision-makers and financial markets will closely watch the inquiry's findings, particularly regarding its impact on Ghana's gold trading and reserves strategy. The outcome could influence future policy decisions on state-led economic interventions and public finance management. It will also test the government's commitment to transparency and accountability in managing national assets.
The proposed inquiry seeks to understand the full extent of the programme's weaknesses and its financial implications for the country. It aims to ensure that Parliament and the public are fully aware of the risks involved in such large-scale economic initiatives. The Minority hopes the motion will be admitted and debated when Parliament resumes, allowing the committee to begin its work promptly. They advocate for hearings during Parliament's recess to complete the investigation before the 2027 budget presentation in October. This timeline underscores the urgency placed on addressing these financial losses and implementing reforms. The live broadcast demand further emphasizes the push for maximum transparency.