The Minority in Parliament has called for a transparent inquiry into losses linked to the government’s Domestic Gold Purchase Programme, saying a parliamentary hearing is needed to determine the weaknesses in the policy and chart a way forward.
Minority Leader Alexander Afenyo-Markin said the caucus had filed a motion seeking the establishment of a nine-member ad hoc committee to investigate the programme, amid controversy over losses estimated at about GH¢22 billion ($1.7 billion) in 2025.
“The Minority’s contention is that the Domestic Gold Purchase Programme by this government which is being spearheaded by the GOLDBOD, has failed as a result of these losses,” Afenyo-Markin said in an interview with JoyNews.
“It is a policy failure that must be fixed,” he added.
The Minority has argued that the scale and causes of the losses warrant parliamentary scrutiny, while calling for the inquiry to be conducted transparently.
Afenyo-Markin said the investigation should allow Parliament and the public to understand the extent of weaknesses in the programme and determine what corrective measures were required.
“This is not a partisan call, it is a patriotic call being made by the Minority despite our numbers,” he said.
The comments come amid a political dispute over responsibility for losses associated with the Domestic Gold Purchase Programme.
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An International Monetary Fund report linked the losses to the programme operated by the Bank of Ghana in 2025, rather than attributing them solely to the Ghana Gold Board, or GoldBod, which later took over the programme.
The IMF said the losses were driven by several factors, including exchange-rate differences, transaction costs, assay fees, discounts on resale, trading losses and valuation effects.
Afenyo-Markin also accused unnamed actors of using unacceptable language in the political debate, but said the Minority would not be distracted from its demand for an inquiry.
“I have become aware of certain unacceptable language being put out there,” he said. “We don’t want to fall into bait of diversion.”
He said the Minority caucus would remain united in pursuing the motion despite political attacks against him.
“I won’t be the first minority leader to suffer attacks,” Afenyo-Markin said, referring to the pressures associated with his position.
Parliament is due to resume on Monday, with Afenyo-Markin expressing hope that the motion will be admitted and debated, paving the way for the committee to be established.
He said the Minority wanted hearings to be held during Parliament’s recess so that the committee could complete its work before the 2027 budget is presented in October.
“We pray that the motion will be admitted, argued, set up the ad hoc committee, so that within the period of break there will be a hearing,” he said.
Afenyo-Markin also called for the proceedings of the proposed GoldBod inquiry to be broadcast live.
“But I pray for a live broadcast of the GOLDBOD hearing,” he said. “Once the motion is carried we pray that there would be a full hearing of this GOLDBOD losses.”
The proposed inquiry would place the government’s gold-buying policy under parliamentary scrutiny at a time when authorities are seeking to strengthen GoldBod’s role in Ghana’s gold trading and reserves strategy.
The Minority says the inquiry is necessary not only to establish what caused the losses but also to ensure that Parliament and the public understand the risks and financial implications of the programme going forward.
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