The Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah (KON), has vowed that efforts to probe the controversial Gold-for-Reserves programme will not be abandoned, despite Parliament’s Majority side blocking a motion for a formal inquiry.
According to him, although the proposed investigation was defeated through a voice vote in Parliament last Friday, the Minority remains resolute in its quest to ensure accountability and transparency in the management of the programme.
Speaking after the decision, Mr. Oppong Nkrumah described the Majority’s rejection of the motion as “bizarre” and a setback to Parliament’s constitutional oversight responsibility. He stressed that the refusal to investigate the initiative does not bring the matter to a close.
“There is no statute of limitations on matters such as this. The probe will be pursued, if not now, then in the future,” he stated.
The motion, which was moved by Mr. Oppong Nkrumah, in his capacity as Ranking Member on Parliament’s Economy and Development Committee, sought a comprehensive inquiry into the design, implementation, financial performance and cost structure of the Gold-for-Reserves programme.
The policy, introduced in 2021 and continued as part of Ghana’s economic strategy, aims to strengthen foreign exchange reserves, stabilise the cedi and reduce reliance on external currencies by leveraging the country’s gold resources.
However, the programme has come under increasing scrutiny amid claims of financial losses and concerns about its operational efficiency.
At the centre of the controversy are reports that the initiative recorded a loss of about $214 million in 2025.
Mr. Oppong Nkrumah argued that such claims make it imperative for Parliament to conduct a thorough, fact-based investigation to establish the true state of affairs.
He further raised concerns about the cost structure of the programme, alleging that nearly 15 percent of every $10 million released by the Bank of Ghana in 2025 was lost to handling and related charges.
“These are not matters that should be brushed aside. Parliament approved this programme and must exercise its oversight responsibility to ensure value for money,” he said.
Mr. Oppong Nkrumah also questioned the management of gold reserves under the programme, claiming that about half of the gold acquired was sold in the last quarter of 2025, even as calls for an inquiry intensified.
He described the move as puzzling, particularly given indications that government may seek to repurchase gold at higher prices.
Another critical issue raised relates to the source of gold used under the programme. The MP warned that the initiative could be indirectly relying on gold linked to illegal small-scale mining, popularly known as galamsey.
Citing estimates that a significant portion of small-scale mining activities may be illegal, he stressed the need for Parliament to investigate whether the programme is inadvertently supporting such operations.
He accused the Majority of prioritising partisanship over national interest by rejecting the motion.
“They have chosen to spin narratives instead of allowing a bipartisan inquiry to establish the facts,” he said.
Despite the setback, Mr. Oppong Nkrumah insisted that the Minority would explore alternative avenues to ensure the programme is subjected to scrutiny, adding that a future Parliament could revisit the issue.
The rejection of the motion means that key questions surrounding the Gold-for-Reserves programme, its financial performance, cost efficiency and long-term sustainability remain unresolved for now.
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