Investigate alleged US$1.7bn loss in connection with Gold Purchase Programme – Abena Osei Asare to Mahama

Chairwoman of Parliament's Public Accounts Committee, Abena Osei-Asare, has urged President John Dramani Mahama to initiate a thorough investigation into the alleged US$1.7 billion loss related to the Domestic Gold Purchase Programme (DGPP). During a press briefing on GoldBod, the Bank of Ghana, and related foreign exchange forward sale programs, Osei-Asare expressed worry over the magnitude of the reported losses, which the IMF's latest Article IV consultation estimated at approximately US$1.7 billion, while the Bank of Ghana's 2025 financial statements reported a loss of just US$214 million.

Osei-Asare questioned the discrepancy between these figures, requesting greater transparency. She also asked the accounting firm that audited the Bank of Ghana's financial statements to explain the treatment of the approximately US$1.4 billion difference. The Atiwa East MP highlighted the significance of the US$1.7 billion loss, equivalent to about GH¢22 billion, in the context of Ghana's development needs.

Comparing the figure to the Ministry of Health's requirement for GH¢6 billion to recruit nurses, Osei-Asare argued that the money could have been better utilized for job creation in the health sector. The MP also questioned GoldBod's reported profit of about GH¢909 million, suggesting the figure should be evaluated alongside the losses under the broader gold purchase arrangements.

Osei-Asare emphasized her concerns were not aimed at attacking GoldBod but to ensure transparency and accountability in public funds management.