Africa-Press – Ghana. The New Patriotic Party (NPP) Minority Caucus in Parliament has demanded a full-scale bipartisan parliamentary inquiry into the alleged $214 million losses incurred through Goldbod’s purchases under the gold reserves scheme.
Mr Kojo Oppong Nkrumah, Member of Parliament for Ofoase Ayirebi, speaking on behalf of the Caucus in Parliament House on Monday, said the group had formally submitted a motion to the Clerk of Parliament for onward transmission to the Speaker.
He explained that the motion seeks to summon Members of Parliament to constitute a bipartisan committee to investigate the circumstances surrounding the losses, assess accountability, and recommend measures to safeguard the country’s financial interests.
According to the Minority, data submitted by the Government to the International Monetary Fund (IMF) revealed that Ghana lost $214 million in just the first nine months of 2025 under the Gold-for-Reserves programme.
The Minority said Ghana risked losing over $300 million by the end of 2025 through the government-backed gold trading initiative.
They argued that the losses were not merely market fluctuations but the result of a flawed system design that forced the Bank of Ghana (BoG) to absorb exchange-rate losses while intermediaries remained protected.
Central to the Minority’s concerns was the role of Bawa-Rock Ltd, owned by one Alhaji Bawa, which had been granted exclusive rights as the sole aggregator licensed by GoldBod to purchase artisanal gold across the country.
The Minority questioned why a monopoly was created in an industry where competition is essential for fair pricing and transparency.
They demanded public disclosure of the criteria used to select Bawa-Rock Ltd and the identities of its beneficial owners.
The Minority recalled that under the original Gold-for-Reserves programme, Ghana’s reserves grew from 8.7 tonnes to 31 tonnes within two years under the previous NPP government without losses, as the Bank of Ghana purchased physical gold directly.
They indicated that the current administration had shifted the focus from building reserves to speculative trading, resulting in minimal reserve growth—only from 31 tonnes to 38 tonnes—despite large volumes of gold passing through GoldBod.
They stressed that the $214 million loss could have funded 12 fully equipped district hospitals, tens of thousands of boreholes, or salaries for teachers and nurses, underscoring the human cost of the scheme.
Beyond financial losses, the Minority highlighted the environmental devastation linked to illegal mining, including poisoned rivers, destroyed forests, and eroded cocoa farms.
The Minority accused GoldBod of failing to meet international traceability standards, thereby enabling state-sanctioned laundering of gold sourced from destructive galamsey operations.
The Minority has, therefore, called for a Parliamentary Ad-hoc Investigative Committee with subpoena powers to examine contracts, licences, and intermediaries.
It said full national disclosure of fee structures, pricing formulas, and foreign-exchange arrangements tied to GoldBod.
Environmental emergency measures, including suspending permits in forest reserves and introducing blockchain-based mine-level traceability.
The Caucus urged chiefs, faith leaders, civil society, students, unions, and the diaspora to rise in defense of Ghana’s patrimony.
“Gold may glitter, but truth endures. This is not a moment for spectators. It is a moment for citizens,” the Caucus declared.
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