Ranking Member Kojo Oppong Nkrumah Calls for Parliamentary Probe into $14m Gold-for-Reserve Loss and Economic Policy Failures
The Ranking Member on the Committee on Economy and Development, Kojo Oppong Nkrumah, has demanded a full parliamentary investigation into what he describes as significant financial and policy lapses under the current administration, including a reported $14 million loss linked to gold-for-reserves transactions.
In an interview on Asaase Radio on Monday, February 23, 2026, the former Information Minister revealed that the Minority Caucus in Parliament has submitted 12 separate motions calling for inquiries into various national issues. These include the alleged reserve losses, broader economic management shortcomings, and what he termed “high levels of failure” in fiscal governance.
Mr. Oppong Nkrumah disclosed that while the Speaker of Parliament has officially listed the motions for debate, they are yet to be scheduled and discussed on the floor of the House.
“The reason it’s important to investigate all of these things is so that we understand clearly why it happened and more importantly prescribe solutions,” he stated. He emphasised that transparency through parliamentary scrutiny is essential to restore public confidence in the country’s financial institutions and economic decision-making.
The $14 million figure reportedly relates to discrepancies or losses in the Bank of Ghana’s gold-for-foreign-reserves programme, which has been promoted as a strategy to bolster international reserves amid cedi volatility. The Minority has previously questioned the transparency, valuation, and overall effectiveness of the initiative.
Beyond the financial concerns, Mr. Oppong Nkrumah criticised aspects of the government’s flagship 24-hour economy policy, describing certain elements as misleading and lacking a solid foundation in effective demand. He reiterated his earlier position that round-the-clock operations must be driven by genuine consumer demand rather than top-down directives.
He also highlighted structural weaknesses in key productive sectors, particularly the oil palm industry. According to him, Ghana consumes approximately 400,000 metric tonnes of palm oil annually but produces only about 260,000 metric tonnes, resulting in a persistent supply gap of roughly 140,000 metric tonnes that must be met through imports.
“This gap shows we are not producing enough despite the potential in the sector,” he noted, urging the government to prioritise investment in oil palm cultivation, processing, and value addition to reduce import dependence, create jobs, and strengthen food security.
The Minority’s push for investigations comes amid ongoing partisan exchanges over economic performance, reserve management, and policy delivery. The government has defended its record, citing cedi stabilisation, inflation moderation, and structural reforms as evidence of progress.
The 12 motions remain pending on the parliamentary order paper, and pressure is mounting for the Business Committee and the Speaker to allocate time for debate. Observers expect the issues—particularly the alleged reserve losses and sectoral gaps—to feature prominently in upcoming parliamentary sessions and public discourse.
