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

Ghana's Majority Leader James Agalga is calling for a comprehensive audit of the Domestic Gold Purchase Programme, rather than limiting the investigation to the year 2025. According to Agalga, a probe focused solely on GoldBod's operations in 2025 would not provide a complete picture of the scheme. The MP argued that the probe should cover the entire period from 2021, when the programme began, and not just the most recent operations.

Agalga emphasized that any investigation must take into account an agreement between the Precious Minerals Marketing Company (PMMC) and the Bank of Ghana, which remains in force. The agreement, which dates back to 2023, pertains to costs associated with gold purchases. He stated that limiting the investigation to 2025 would be a "grave disservice" to the people of Ghana, as it would fail to address issues from earlier years.

Specifically, Agalga questioned whether the PMMC purchased dore gold at forex bureau rates rather than Bank of Ghana rates in 2021. He sought to determine whether the difference between these two rates has any impact on the programme's costs. He emphasized that the investigation should uncover whether the PMMC purchased dore gold at forex bureau rates, and whether it continues to do so today, as this could have financial implications.

The Majority Leader defended GoldBod against claims of losses, stating that documents he reviewed suggest otherwise. He noted that the Auditor-General's 2025 report contained no adverse findings against GoldBod, and that the Board had actually made a surplus of around 4 billion Ghanaian cedis, according to the report. Agalga argued that GoldBod, being an agent of the Bank of Ghana, should not bear the costs associated with the domestic gold purchases, such as security, insurance, assay, and smelting expenses.

He reiterated that the investigation should bring all issues to light and ensure the people of Ghana are properly informed.