Minority wants probe, Majority says calm down
The Minority in Parliament says that the Bank of Ghana (BoG) lost $214 million under the Gold-for-Reserves program on purpose, not because of changes in the market. Kojo Oppong Nkrumah, the Ofoase Ayirebi MP, spoke at a press briefing on Monday. He said that the losses mentioned by the International Monetary Fund (IMF) in its program review show that the current GoldBod-led implementation of the initiative has serious structural problems. “This isn’t a problem with the market.” He said, “It’s a system design that makes the State bleed so that intermediaries can stay safe.” The Ranking Member on the Economy and Development Committee said that GoldBod must buy gold from small-scale miners at real global market prices and at exchange rates that are similar to those offered by forex bureaus in order to stay competitive. GoldBod is said to convert the foreign exchange back to the Bank of Ghana at the BoG or interbank rate, which is usually lower than the market rate, after selling the gold overseas and getting dollars. The central bank then takes in the difference in exchange rates, which is what the Minority said. The caucus said, “In effect, GoldBod protects its own books by passing the FX losses directly onto the Bank of Ghana.” They said that this mechanism is part of the system and can’t be blamed on changes in the market or outside events. The Minority agreed with the IMF’s estimate of a $214 million loss over nine months in 2025, but they said that number doesn’t fully show how much the program will really cost. The caucus said that losses will keep piling up as long as the structure stays the same, no matter what the price of gold or the amount of exports. The Minority said, “This model makes the State bleed so that intermediaries can stay safe.” The Minority also said that the $214 million loss means that development opportunities have been missed, such as building hospitals, water systems, and other important social infrastructure. The worries come after an International Monetary Fund (IMF) report that said Ghana lost about US$214 million under the Bank of Ghana’s Gold-for-Reserves program. The Fund said this could put the country’s economic stability at risk. GoldBod, on the other hand, has denied the report’s claims, saying it hasn’t lost any money and is on track to make at least GH¢600 million more than it spends in the 2025 financial year.
