Minority seeks Ad Hoc committee to probe $1.7bn GoldBod loss

The Minority in Parliament is pushing for the establishment of an ad hoc committee to investigate the operations of the Domestic Gold Purchase Programme (DGPP) and the circumstances surrounding the US$1.7 billion loss recorded by the Bank of Ghana (BoG) in 2025.

Member of Parliament for Manso Nkwanta, Tweneboah Kodua Fokuo, said the proposed committee would undertake a comprehensive review of the gold supply chain, covering extraction and aggregation, purchasing, fees, offtake discounts and risk management.

Speaking on Eyewitness  News on Wednesday, August 19, Mr Fokuo said the investigation would seek to identify gaps in the management of Ghana’s gold resources and recommend measures to prevent further losses.

“We are going to take our time to go through the entire supply chain,” he said.

He explained that the committee would draw members from various parliamentary committees because the issue spans several areas, including land degradation, the economy and public finances.

Mr Fokuo said relying on a single parliamentary committee would not be sufficient to examine the matter comprehensively, noting that the Minority intends to draw expertise from committees responsible for lands, economic development, finance and public accounts.

“We can’t let this continue. Imagine one year, $1.7 billion. If you let this continue, where would we end?” he asked.

The call comes amid a dispute over the interpretation of an International Monetary Fund (IMF) report, which stated that the Bank of Ghana recorded US$1.7 billion in losses under the Domestic Gold Purchase Programme in 2025.

GoldBod Chief Executive Officer Sammy Gyamfi has rejected claims that the IMF attributed the losses directly to GoldBod, insisting that the report did not accuse the institution of causing the Bank of Ghana’s losses.