The Minority Caucus in Parliament has issued an urgent national address, raising grave concerns over what it described as a “Golden Betrayal” involving the operations of GoldBod and the Bank of Ghana, warning that Ghana’s economy, environment, and future generations are at serious risk.
Speaking to the media during the Christmas season, the Minority said it had been compelled to suspend its holidays to alert the nation to what it termed a deepening crisis of economic sabotage, environmental destruction, and institutional capture linked to Ghana’s gold trading framework.
According to the Minority, Ghana stands to lose as much as $300 million in 2025 due to the activities of GoldBod, with an IMF report already citing $214 million in losses within the first nine months.
The Caucus stressed that these figures represent only part of the damage and warned that focusing solely on the Bank of Ghana risks missing the wider structural failures in the system.
Questions over a gold monopoly
Central to the Minority’s concerns is the role of Bawa-Rock Limited, owned by Alhaji Bawa, which it claims has become the sole licensed aggregator allowed to purchase artisanal gold on behalf of GoldBod nationwide.
The Minority questioned why a de facto monopoly was created in a sector that traditionally relies on competition to ensure transparency and fair pricing. It demanded answers on how Bawa-Rock was selected, who its beneficial owners are, and why miners and dealers must route their gold through a single private entity before it reaches GoldBod and ultimately the Bank of Ghana.
“Until these questions are answered publicly, no Ghanaian can trust the integrity of this scheme,” the Minority stated.
How the losses occur
The Minority explained that losses arise from the way the programme is structured. While GoldBod reportedly pays miners at near-global market prices and prevailing forex bureau rates, it later sells the resulting foreign currency to the Bank of Ghana at weaker interbank rates. This exchange-rate gap, the Minority said, is passed directly onto the central bank.
“This is not market fluctuation,” the statement argued. “It is a system designed for the state to bleed while intermediaries remain protected.”
From reserves to trading
The Caucus contrasted the current situation with the original Gold-for-Reserves programme, under which Ghana’s gold reserves reportedly grew from 8.7 tonnes to 31 tonnes within two years without losses, as the Bank of Ghana directly acquired gold for strategic reserves.
Under the current administration, the Minority said, GoldBod now functions more like a trading company than a reserves-building institution. Despite large volumes of gold transactions, national reserves have increased by only seven tonnes, from 31 to 38 tonnes, a development the Minority described as evidence of “rent-seeking” rather than sound economic policy.
Social and environmental cost
Beyond the financial implications, the Minority highlighted the human cost of the alleged losses, noting that $214 million could have funded dozens of hospitals, tens of thousands of boreholes, and critical social infrastructure across the country.
It also warned that illegal mining continues unabated, with forests destroyed, rivers polluted, and cocoa farms lost. The Minority accused GoldBod of failing to meet international traceability standards, raising fears that state-backed gold purchases may be inadvertently laundering proceeds from illegal mining.
Demands for accountability
The Minority rejected what it described as official denial and arrogance, pointing to IMF assessments that classify GoldBod’s operations as a significant risk to Ghana’s economic stabilisation programme.
It announced four key demands:
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A parliamentary ad-hoc investigative committee with subpoena powers to examine all contracts and intermediaries, including Bawa-Rock.
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Full public disclosure of pricing formulas, fee structures, aggregator selection processes, and forex arrangements.
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Emergency environmental measures, including suspending mining permits in forest reserves and implementing mine-level traceability systems.
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Full accountability, requiring the Governor of the Bank of Ghana and the CEO of GoldBod to appear before Parliament, with prosecutions and asset recovery where wrongdoing is proven.
A national call
The Minority stressed that the issue transcends party politics, framing it as a test of whether Ghana still has guardians of the national interest. It called on traditional leaders, religious bodies, civil society, students, and the diaspora to demand transparency and action.
“Gold may glitter, but truth endures,” the statement concluded, urging citizens to rise, question, and defend Ghana’s patrimony as the country reflects during the Christmas season.
