News:
September 9, 2026
The Second Deputy Minority Whip says recent World Bank findings that describe GoldBod operations as a “significant and insufficiently monitored risk” to the economy provide fresh justification for a full-scale investigation.
The Minority in Parliament has intensified its demand for a parliamentary inquiry into Ghana’s Domestic Gold Purchase Programme and the operations of the Ghana Gold Board (GoldBod), citing new World Bank findings that they say confirm long-standing concerns about mismanagement and weak oversight.
Jerry Ahmed Shaib, Second Deputy Minority Whip and MP for Weija-Gbawe, argues that the World Bank’s description of GoldBod-related operations as a “significant and insufficiently monitored risk” to the economy provides fresh justification for Parliament to investigate the programme and establish how billions of dollars in losses occurred.
In a statement posted on his social media handles, Mr Shaib said the Minority’s concerns were no longer based solely on political claims, pointing to findings contained in recent reports by both the International Monetary Fund (IMF) and the World Bank.
‘A Smart Idea, Poorly Managed’
Mr Shaib acknowledged that the original concept behind the Domestic Gold Purchase Programme was sound, describing it as “a smart idea birthed by the Nana Addo Dankwa Akufo-Addo administration, with Dr Mahamudu Bawumia as the brain behind its design.”
The initiative was designed to use Ghana’s gold resources to strengthen the country’s reserves and support the stability of the cedi.
However, he argued that the challenge was not the policy itself but what he described as the current government’s handling and supervision of the programme.
“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,” Mr Shaib said.
Key Concerns Raised
Mr Shaib cited the IMF’s Ghana: Selected Issues report, which he said estimated losses of more than $1.7 billion in 2025, equivalent to about 1.5 per cent of GDP.
He said the World Bank’s 10th Ghana Economic Update: Reset for Growth, published in August 2026, has now raised an additional concern—oversight—by identifying GoldBod-related operations among significant risks that are insufficiently monitored.
The MP said the World Bank’s observations should compel the government to answer questions the Minority had raised over the programme, particularly concerning:
· The identities of off-takers
· Discounts applied to gold purchases
· Fees associated with transactions
“Where are the off-takers? What discounts were applied to our gold, and who approved them? What fees changed hands, and who ultimately bore the losses?” he asked.
Specific Demands
The Second Deputy Minority Whip said the Minority is renewing its demand for a comprehensive parliamentary inquiry into GoldBod and the Bank of Ghana’s gold operations.
Such an inquiry, he said, should have the authority to summon relevant officials and obtain documents necessary to establish the facts surrounding the programme.
The Minority is demanding:
· Full disclosure of the identities of gold off-takers
· Disclosure of discounts granted and the officials who approved them
· Details of fees charged and the parties that ultimately bore losses
· Systematic public disclosure of contingent liabilities associated with the programme
· Transparent accounting for gold reserves acquired through the programme
· A clear government plan to address weaknesses identified by both the IMF and World Bank
Parliament Must Act
Mr Shaib welcomed what he described as the Speaker of Parliament’s admission of the Minority’s motion on the matter, saying that the development provides Parliament an opportunity to pursue the issue through a formal inquiry.
He argued that the latest World Bank findings make such scrutiny even more urgent.
“Parliament must go beyond political statements and establish the facts surrounding the programme,” he said, insisting that Ghanaians deserved transparency on the management of the country’s gold resources and reserves.
The Minority, he added, would continue pressing for answers until the financial and operational questions surrounding GoldBod and the Domestic Gold Purchase Programme were fully addressed.
Ghanamps.com