Five NPP MPs have formally triggered a process for Parliament to investigate the Bank of Ghana and the GoldBod as indicated at the news conference addressed by the Minority Leader Osahene Alexander Afenyo-Markin when he accused government of supervising a GHS22 billion loss in the gold-for-reserves programme.
The MPs filed a Notice of Motion Under Order 127 on Wednesday, 20th August 2026, asking the Speaker to set up an Ad Hoc Committee to investigate what they call “reported foreign exchange losses sustained by the Bank of Ghana.”
The motion is led by the Ranking Member on Economy, Kojo Oppong Nkrumah (Ofoase Ayirebi) and supported by: Tweneboa Kodua Fokuo – Manso Nkwanta, Jerry Ahmed Shaib – Weija-Gbawe, Second Deputy Minority Whip, Vincent Ekow Assafuah – Old Tafo and Dr. Fred Kyei Asamoah – Offinso North
According to the document intercepted, the committee will probe:
1. The Gold-for-Reserves Scheme— its design, implementation, governance and financial performance
2. The reported forex losses — the US$1.7bn / GHS22bn loss flagged by the IMF in its 6th Review completed on July 10, 2026
3. The roles of BoG and GoldBod — who approved what, who bore the risk
4. Gold sourcing — integrity of supply-chain due diligence, traceability, and risk of illegally sourced gold being purchased with public funds
5. Environmental and public health implicationsof the small-scale gold aggregation
At a press conference, Afenyo-Markin said the IMF report found that the Domestic Gold Purchase Programme generated losses from “service and assay fees paid to GoldBod, discounts on gold sold to off-takers, and exchange rate losses from the spread between the forex bureau rate paid to purchase gold and the cedi reference rate used for BoG accounting.”
He insisted that: “The accounting location of a loss does not change its economic reality. If one state institution receives fees while another bears virtually all the downside, incentives become dangerously misaligned.”
The Minority has indicated that when the House resumes, they will push for a full Parliamentary probe.
GoldBod on the other hand earlier at news conference insisted its 2025 audited accounts show a GHS907 million operational profit and GHS5.4 billion surplus, arguing the IMF loss was absorbed at BoG level as part of reserve build-up strategy, not GoldBod’s books.
The Speaker is expected to admit the motion when Parliament reconvenes on Monday 24.
