Don’t limit GoldBod probe to 2025 – Agalga demands full audit of gold trading scheme

Incoming Majority Leader James Agalga is demanding a comprehensive audit of Ghana’s Domestic Gold Purchase Programme, insisting that a probe limited to 2025 would not provide a full picture of the scheme. Speaking on Joy News’ PM Express, the Builsa North MP argued that Parliament should revisit the programme's origins and examine how gold purchases were handled under previous administrations.

He emphasized that the investigation should cover the period from 2021, when the Domestic Gold Purchase Programme commenced, rather than focusing solely on GoldBod’s activities in 2025. Agalga stressed that limiting the investigation to 2025 would be problematic because an agreement between the Precious Minerals Marketing Company (PMMC) and the Bank of Ghana remains in force.

He noted that this agreement, dating back to 2023, is still active, and limiting the scope to 2025 would be a significant oversight. Agalga wants Parliament to determine how costs associated with gold purchases were managed under the earlier programme and ascertain whether similar practices are still in place. He specifically questioned whether the PMMC bought dore gold at forex bureau rates instead of Bank of Ghana rates in 2021, as this could impact the programme's costs.

While Agalga defended GoldBod against allegations of losses, citing an Auditor-General’s 2025 report with no adverse findings against the Gold Board, he also highlighted that the PMMC and the Bank of Ghana have an agreement covering various costs, including security, insurance, assay, and smelting. According to Agalga, GoldBod, as an agent of the Bank of Ghana, should not bear these costs, as the principal should be responsible.