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The Minority in Parliament has accused the government of presiding over a $214 million loss under the Gold-for-Reserves programme, describing it as a major financial scandal that undermines claims of economic recovery after President John Dramani Mahama’s first year in office.
Addressing a press conference in Accra on Thursday, Minority leaders cited findings contained in an International Monetary Fund (IMF) report, which they said pointed to significant losses within nine months of operations involving GoldBod and the Bank of Ghana. According to the Minority, the losses occurred despite a global boom in gold prices during 2025.
“The IMF has documented losses amounting to $214 million from gold trading operations,” the Minority said, arguing that such losses in a rising gold market raise serious questions about competence, transparency, and oversight. They insisted that a properly managed gold programme should not record deficits under favourable market conditions.
The Minority rejected claims by GoldBod that the programme had generated substantial surpluses, accusing management of conflating agency fees and operational income with the actual performance of the Gold-for-Reserves scheme. They described this as “financial misdirection” that obscures the true state of the programme.
They further alleged that excessive off-taker fees identified by the IMF were a key driver of the losses and demanded disclosure of all contracts and fee structures. The Minority questioned who approved the fees and warned that such arrangements could point to either gross incompetence or corruption.
The Bank of Ghana also came under scrutiny, with the Minority questioning the level of oversight exercised by the central bank, which reportedly financed the programme and bears the losses on its balance sheet. They said public institutions must not deny or downplay IMF findings but should instead subject them to rigorous investigation.
Beyond the gold programme, the Minority contrasted the alleged losses with challenges faced by farmers, particularly rice and tomato growers who, they said, were left to watch their produce rot due to the absence of storage and processing support. They argued that the funds lost could have been used to stabilise agriculture and support livelihoods.
The Minority has called on Parliament to establish a bipartisan committee to investigate the Gold-for-Reserves programme, subpoena relevant officials, and examine all trading data and contracts. They maintained that accountability must be impartial and insisted that “no official should be shielded from scrutiny.”
They concluded by urging government to prioritise transparency and sustainable economic management, warning that continued denial and propaganda would only deepen public mistrust and weaken confidence in state institutions.
