The Centre for Policy Scrutiny (CPS) has called for an independent investigation into reported losses of GHS 22 billion under Ghana’s Domestic Gold Purchase Programme. This amount, equivalent to about $1.7 billion, represents a significant financial concern for the nation.
The policy think tank argues that the programme's current design might be making these substantial losses unavoidable. CPS highlighted the need for a transparent, evidence-based examination of the scheme. The reported losses are a matter of significant public interest, impacting Ghana’s financial stability.
This demand follows Ghana’s parliamentary opposition filing a motion for an inquiry into the reported losses. The opposition also called for an ad hoc committee to investigate the programme. The controversy has intensified after an International Monetary Fund (IMF) assessment reported substantial losses linked to Ghana’s domestic gold purchasing operations. This situation raises questions about the management of the country's valuable gold and foreign exchange resources.
The Centre for Policy Scrutiny stated the investigation should establish the exact nature and source of the reported $1.7 billion loss. It must identify the specific transactions that generated this figure and determine how the amount was calculated. CPS emphasized that the inquiry should remain transparent, evidence-based, and bipartisan to ensure credibility.
CPS further urged the inquiry to examine the roles of the Bank of Ghana (BoG) and the Ghana Gold Board (GoldBod). This includes scrutinizing their responsibilities, financial exposure, and how transactions were recorded and accounted for. The think tank wants investigators to determine if the programme has delivered benefits proportional to the resources committed. This is especially crucial given its potential implications for Ghana’s foreign exchange reserves and overall public finances.
The policy think tank stressed that Parliament should base its investigation on audited accounts, transaction records, and contracts. It should avoid reliance on political claims or competing narratives. CPS believes the inquiry must provide clear answers to four key questions. These are: what happened, why it happened, who bears responsibility, and what measures are needed to prevent a recurrence. This structured approach aims to ensure a thorough and objective review.
CPS supported the Minority Leader, Alexander Afenyo-Markin’s, proposal for an ad hoc committee. It views a parliamentary investigation as an opportunity to resolve conflicting accounts surrounding the reported losses. However, CPS went further, questioning the fundamental structure of the Domestic Gold Purchase Programme itself. The think tank described the programme’s current design as “too generous.”
This generosity, CPS warns, could make losses inevitable in the long term. The Centre for Policy Scrutiny called for a redesign of the programme. The goal of this redesign would be to reduce costs and maximize the benefits derived from Ghana’s gold resources. CPS cautioned that the marginal benefits of the existing arrangement cannot remain positive indefinitely. The immediate priority, according to CPS, is to establish the facts through a credible investigation. This will ensure greater transparency and accountability in managing Ghana’s gold and foreign exchange resources.