Ghana's GH¢22bn GoldBOD Losses: Think Tank Demands Full Probe and Programme Redesign

Ghana's gold sector is at a crossroads. The Centre for Policy Scrutiny (CPS) has thrown its weight behind calls for an independent investigation into reported losses of US$1.7 billion, roughly GH¢22 billion, under the Domestic Gold Purchase Programme (DGPP). The think tank insists the matter demands a transparent, evidence-based examination to determine exactly what happened, how the losses occurred, and who is responsible.

The CPS has welcomed a fresh motion by the Minority in Parliament, specifically endorsing Minority Leader Alexander Afenyo-Markin's proposal to establish an Ad Hoc Committee to investigate the GoldBOD losses. For the Centre, this parliamentary inquiry must go beyond the headline figure and scrutinise the transactions, institutions, and financing arrangements behind the DGPP.

What the investigation must uncover

The CPS wants the probe to establish the exact nature and source of the reported losses, identify the transactions that generated them, and determine how the figures were calculated. It also insists the respective roles of the Bank of Ghana (BoG) and GoldBOD must be thoroughly examined, including their responsibilities, financial exposures, and accounting practices.

Beyond the numbers, the Centre asks a bigger question: has the DGPP delivered value commensurate with the resources committed to it, particularly given its implications for Ghana's foreign exchange reserves and public finances?

A bipartisan, evidence-based approach

The CPS is calling for a bipartisan and transparent process anchored in documentary evidence. The proposed committee should rely on audited accounts, transaction records, contracts, and other relevant documentation rather than political claims or competing narratives.

“The investigation should remain transparent, evidence-based and bipartisan,” the Centre stressed.

For the CPS, this parliamentary process is an opportunity to settle competing claims while strengthening accountability in the management of Ghana's gold and foreign exchange resources. The Centre urges Parliament to ensure its findings answer four critical questions: what happened, why it happened, who bears responsibility, and what measures are needed to prevent a recurrence.

Beyond the probe: a fundamental design flaw

In what could prove to be its strongest position, the CPS goes beyond calling for an investigation. The Centre argues that the current design of the DGPP is “too generous,” making losses inevitable. It recommends a redesign of the programme to minimise costs and optimise benefits, warning that the marginal benefits of the existing arrangement will not remain positive indefinitely.

This call comes amid heightened public and political scrutiny of Ghana's gold purchasing arrangements. For the CPS, however, the immediate priority is clear: establish the facts through a credible investigation and ensure Ghana's gold and foreign exchange resources are managed with greater accountability.

As Ghana continues to position itself as a leading gold producer, the outcome of this inquiry could shape the future of the country's resource management. The stakes are high, and the world is watching.

Frequently asked questions

What is the Domestic Gold Purchase Programme (DGPP)?

The DGPP is a government initiative designed to boost Ghana's gold reserves and stabilise the cedi by purchasing gold from domestic producers. It is implemented in partnership with the Bank of Ghana and GoldBOD, a licensed gold trading company.

How much money was reportedly lost under the DGPP?

Reported losses stand at US$1.7 billion, equivalent to approximately GH¢22 billion, according to figures cited by the Centre for Policy Scrutiny and the Minority in Parliament.

What does the CPS recommend to prevent future losses?

The CPS recommends a redesign of the DGPP to reduce costs and optimise benefits. It argues the current programme design is “too generous” and makes losses inevitable.

Who is leading the call for a parliamentary investigation?

Minority Leader Alexander Afenyo-Markin has filed a motion in Parliament seeking an inquiry, and the CPS has endorsed his call for an Ad Hoc Committee to investigate the reported losses.