Minority Demands Inquiry into $214 Million Losses from Gold-for-Reserves Program Amidst Criticism

The Minority in Parliament has called for a bipartisan inquiry into a reported $214 million financial loss attributed to the National Democratic Congress (NDC) government's Gold-for-Reserves program. Led by Kojo Oppong Nkrumah, the Minority aims to investigate the circumstances surrounding these losses and to recommend preventive measures to avoid future occurrences. They have also demanded transparency from the Bank of Ghana and the Ghana Gold Board regarding the details of the transactions involved, emphasizing the need to address environmental concerns related to mining permits.

In response to these demands, Sammy Gyamfi, CEO of the Ghana Gold Board, defended the government's actions, arguing that previous administrations had caused greater financial losses. He welcomed the inquiry and committed to providing necessary details starting January 5, 2026. Gyamfi also highlighted recent economic improvements, such as reduced inflation and a stronger currency, as evidence of the current government's progress.

However, Professor Kobby Mensah of the University of Ghana criticized the Minority's approach, labeling their criticisms as lacking practical solutions and questioning their effectiveness during their time in power. He characterized the Minority's claims as mere rebranding of old ideas without innovative solutions. The ongoing debate reflects a deepening divide in Ghanaian politics regarding economic management and accountability, as both sides prepare for the parliamentary inquiry.