Parliament to probe GH¢22bn gold ‘loss’

Parliament is set to scrutinise the reported US$1.7 billion loss, equivalent to about GH¢22 billion, associated with the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP), with Speaker Alban Bagbin saying the inquiry should help establish whether the amount represents an actual financial loss or a policy cost.

The Speaker’s comments follow a motion filed by the Minority Caucus seeking a parliamentary inquiry into the transactions and the summoning of Ghana Gold Board (GoldBod) Chief Executive Officer, Sammy Gyamfi, to explain the programme and the reported financial exposure.

Mr Bagbin said the matter required parliamentary scrutiny to bring an end to competing claims over the nature and scale of the reported loss.

According to him, Parliament must establish whether the US$1.7 billion figure represents money genuinely lost or costs incurred by the state in pursuing the objectives of the Domestic Gold Purchase Programme.

He disclosed that the motion was received by his office on August 21, 2026, and that he had personally reviewed it before deciding to admit it for consideration.

“With the motion they have filed, which was received in my office on the 21st of August, 2026, just three days ago, I have gone through the motion myself and I intend to admit the motion because we have to at least have an end to litigation as to whether it’s a loss or it’s a cost,” he said.

The Speaker said the parliamentary process would provide lawmakers with an opportunity to examine the transactions, interrogate the figures and provide clarity to the public.

“This House will have the opportunity to go through it,” he said, urging Ghanaians to pay close attention to the evidence and explanations that would emerge from the parliamentary proceedings.

The controversy centres on the financial implications of the DGPP, through which the Bank of Ghana purchases gold domestically as part of efforts to build the country’s foreign exchange reserves, strengthen the central bank’s balance sheet and support macroeconomic stability.

The Minority’s demand for an inquiry has intensified public scrutiny of the programme, particularly over claims that transactions under the scheme have resulted in a substantial financial loss to the state.

The Minority is seeking answers from GoldBod and other relevant authorities on the transactions, the valuation of the gold purchased, associated costs and the basis for the reported US$1.7 billion figure.

The parliamentary inquiry is therefore expected to examine the underlying transactions and determine whether the reported amount should properly be classified as a financial loss, an operational cost or a policy-related cost arising from the implementation of the gold purchase programme.

Speaker Bagbin’s decision to admit the motion clears the way for the issue to be formally considered by Parliament, potentially bringing the central bank, GoldBod and other institutions involved in the programme under parliamentary scrutiny.

The proceedings are expected to provide an opportunity for the relevant institutions to present supporting documentation and explain the financial mechanics of the programme, while allowing lawmakers to assess the broader economic rationale and outcomes of the transactions.

The outcome could also help settle the growing public debate over whether the DGPP has imposed a significant cost on the public purse or whether the reported figure has been misunderstood by treating a policy cost as a conventional financial loss.

Mr Bagbin said Parliament’s examination would ultimately enable the public to draw its own conclusions from the evidence presented.

The controversy comes at a time when the government has increasingly relied on domestic gold purchases and gold-backed strategies as part of efforts to strengthen Ghana’s reserves, support the cedi and improve the country’s external position.

The parliamentary process is consequently expected to go beyond the reported US$1.7 billion figure to examine the programme’s broader financial and economic implications, including its benefits, costs, accounting treatment and sustainability.

For the Minority, however, the inquiry is necessary to establish accountability and determine whether the state suffered a loss from the transactions.

For the government and institutions responsible for the programme, the scrutiny provides an opportunity to explain the policy rationale and demonstrate how the transactions were structured and accounted for.

With the motion now admitted, Parliament is expected to determine the appropriate procedure for considering the matter and the extent to which officials, including the GoldBod CEO, will be required to appear before the House or its relevant committees.

The proceedings could therefore become a key test of the transparency and financial accountability surrounding Ghana’s domestic gold purchase strategy, while potentially resolving the dispute over whether the much-discussed US$1.7 billion should be described as a loss or a cost of policy implementation.