The Minority in Parliament has renewed calls for a full parliamentary inquiry into GoldBod and the Bank of Ghana’s gold operations, following concerns raised by the World Bank over the monitoring of risks associated with the programme.
In a statement signed by Jerry Ahmed Shaib, Esq., the Minority argued that the Domestic Gold Purchase Programme was a sound policy introduced under the Nana Addo Dankwa Akufo-Addo administration, but accused the current government of mismanaging the initiative.
According to the statement, the International Monetary Fund (IMF), in its August 2026 report, Ghana: Selected Issues, found that the gold programme recorded losses of more than $1.7 billion in 2025, equivalent to about 1.5% of Ghana’s gross domestic product.
The Minority said the World Bank has now raised additional concerns about the management of GoldBod-related operations.
It cited the World Bank’s 10th Ghana Economic Update: Reset for Growth, Sustaining Macroeconomic Recovery and Unlocking Transport for Transformation, published in August 2026, which reportedly describes GoldBod-related operations, among other issues, as a “significant and insufficiently monitored risk” to Ghana’s economy.
The Minority said the finding raises serious questions about the oversight and management of the country’s gold reserves.
It further cited the World Bank’s observation that gold reserves associated with the programme are not being tracked in the same manner as other reserves, while GoldBod and delays in reforms remain among the risks facing the economy.
Beyond GoldBod, the Minority said the World Bank had also identified concerns involving undercapitalised banks and specialised deposit-taking institutions, financial challenges facing the Ghana Cocoa Board (COCOBOD), and Ghana’s exposure to fluctuations in international gold prices.
The Minority stressed that its concerns were not directed at the original concept of using Ghana’s gold resources to strengthen foreign exchange reserves and support the cedi.
“Let us be clear: this is not a case against Dr Bawumia’s original vision for gold-backed reserves. It is a case against this government’s incompetent management of a good policy it inherited,” the statement said.
The Minority welcomed the Speaker of Parliament’s admission of its motion on the matter, saying the development could pave the way for Parliament to investigate the circumstances surrounding the losses.
It argued that the latest World Bank findings further strengthen the case for a parliamentary inquiry and called for transparency over the operations of GoldBod and the Bank of Ghana.
Among the questions raised by the Minority are the identities of the off-takers involved in the gold transactions, the discounts applied to gold purchases, the fees charged, and which institution ultimately absorbed the losses.
The Minority outlined five demands.
First, it called for a comprehensive parliamentary inquiry into GoldBod and the Bank of Ghana’s gold operations, including the power to summon officials and obtain relevant documents.
Second, it demanded the full disclosure of off-takers, discounts granted, fees charged and the allocation of losses between GoldBod and the Bank of Ghana.
Third, it called for systematic public disclosure of all contingent liabilities associated with the programme, citing recommendations contained in the World Bank report.
The Minority also demanded transparent accounting for all gold reserves under standard reserve-reporting practices rather than accounting arrangements it described as being outside the normal books.
Finally, it called on the government to provide a clear plan and timeline for addressing the gaps identified by both the IMF and World Bank, including risks relating to the banking sector, COCOBOD and gold-price volatility.
The Minority maintained that the findings of the two international institutions reinforce the need for greater accountability and transparency.
It said Ghanaians deserve clear answers about the management of the country’s gold resources and the financial losses recorded under the programme.
“The Minority will keep pushing until we get real answers,” the statement concluded.
