News:
August 20, 2026
Five MPs have filed a motion to investigate the central bank and GoldBod over a massive GHS22 billion forex loss flagged by the IMF.
A group of five Minority Members of Parliament has formally triggered a motion to compel Parliament to investigate the Bank of Ghana (BoG) and the GoldBod over significant losses in the government’s gold-for-reserves programme.
The move, which sets the stage for a high-stakes political showdown, follows a press conference where Minority Leader Alexander Afenyo-Markin accused the government of overseeing a GHS22 billion (US$1.7 billion) loss.
The MPs filed a Notice of Motion Under Order 127 on Wednesday, 20th August 2026, requesting that the Speaker establish an Ad Hoc Committee to investigate the “reported foreign exchange losses sustained by the Bank of Ghana.”
What They Want Investigated
According to the motion document, the proposed committee will probe the following key areas:
· The Gold-for-Reserves Scheme: Its design, implementation, governance, and overall financial performance.
· The Forex Losses: The US$1.7 billion / GHS22 billion loss highlighted by the IMF in its 6th Review, completed on July 10, 2026.
· Roles and Risk: The specific responsibilities of the BoG and GoldBod, including who approved transactions and who bore the financial risk.
· Gold Sourcing: The integrity of the supply chain, due diligence, traceability, and the risk of public funds being used to purchase illegally sourced gold.
· Environmental Impact: The public health and environmental implications of small-scale gold aggregation.
The Minority’s Argument
At the press conference, Afenyo-Markin detailed the source of the losses, citing the IMF report. He stated the losses stemmed from:
· Service and assay fees paid to GoldBod.
· Discounts on gold sold to off-takers.
· Exchange rate losses from the spread between the forex bureau rate used to purchase gold and the cedi reference rate used for BoG accounting.
Afenyo-Markin emphasized that the accounting treatment does not change the economic reality. “If one state institution receives fees while another bears virtually all the downside, incentives become dangerously misaligned,” he insisted.
The Minority has indicated it will push for a full parliamentary probe when the House reconvenes.
GoldBod’s Defense
In a swift rebuttal, GoldBod has pushed back against the allegations. The company held its own press conference to defend its performance, stating that its 2025 audited accounts show:
· A GHS907 million operational profit.
· A GHS5.4 billion surplus.
GoldBod argued that the IMF-flagged losses were absorbed at the BoG level as part of the reserve build-up strategy, and do not appear on GoldBod’s books.
What’s Next?
The Speaker of Parliament is expected to admit the motion when Parliament reconvenes on Monday, 24th August 2026.
The MPs behind the motion are:
· Kojo Oppong Nkrumah (Ofoase Ayirebi) – Ranking Member on Economy (Leader)
· Tweneboa Kodua Fokuo (Manso Nkwanta)
· Jerry Ahmed Shaib (Weija-Gbawe) – Second Deputy Minority Whip
· Vincent Ekow Assafuah (Old Tafo)
· Dr. Fred Kyei Asamoah (Offinso North)
Ghanamps.com