Parliament has rejected a motion brought by the Minority Caucus calling for a full investigation into the reported $214 million loss under the Bank of Ghana’s Gold for Reserves programme.
The motion, moved by Kojo Oppong Nkrumah (MP for Ofoase-Ayirebi), sought to establish an ad hoc committee to probe the programme’s financial performance, design, implementation, governance, as well as its environmental and public health implications.
The Minority raised serious concerns over lack of transparency and the unclear handling of funds in the initiative, which allows the Bank of Ghana to exchange gold for foreign currency to bolster the country’s reserves.
However, the Majority Caucus strongly opposed the motion. They argued that the $214 million loss was not due to financial mismanagement but rather an operational cost that is typical in such international financial arrangements.
Following a voice vote, the Majority’s position prevailed, and the motion was rejected.
The Gold for Reserves programme has been a key part of the government’s strategy to strengthen Ghana’s foreign exchange reserves through gold-backed transactions. The Minority had hoped a parliamentary probe would provide clarity on how the loss occurred and whether proper safeguards were in place.
With the motion defeated, the Minority is expected to explore other avenues, possibly through questions on the floor or further public advocacy, to press for accountability on the matter.
The government and the Bank of Ghana are yet to issue a detailed public response to the rejection of the probe.
Source: Parliamentary proceedings,
