Former Minister of Information, Kojo Oppong Nkrumah, has signalled that the controversy surrounding the Gold-for-Reserves programme is far from over, stating that efforts to probe the initiative will resurface despite Parliament’s rejection of a proposed inquiry.

His comments follow a decision by the Majority side in Parliament to block a motion seeking a comprehensive investigation into the programme spearheaded by the Bank of Ghana (BoG) since 2021.

“There is no statute of limitations on matters such as this,” Oppong Nkrumah stressed, stating that despite the setback, Minority would not abandon the issue.

He pledged that alternative avenues would be pursued to ensure accountability and suggested that a future Parliament with a different majority could reopen the matter.

According to a report by myjoyonline.com on March 30, 2026, the motion, which was debated on March 27, 2026, aimed to examine the design, implementation, financial performance, and cost structure of the Gold-for-Reserves Policy, a programme widely regarded as a key pillar of Ghana’s economic strategy to boost foreign exchange reserves and stabilise the cedi.

Despite its significance, the Majority shot down the proposal via a voice vote, effectively halting any immediate parliamentary scrutiny.

Oppong Nkrumah argued the decision only delays, rather than ends, the push for transparency.

Parliament must probe Gold-for-Reserves losses despite BoG reforms – Oppong Nkrumah

At the heart of the Minority’s concerns are claims of financial inefficiencies, including reports of a $214 million loss in 2025 and allegations that up to 15 per cent of funds released under the programme were absorbed by handling and transactional costs.

He also questioned decisions around gold reserve management, particularly claims that about half of the acquired gold was sold in late 2025, only for the state to consider repurchasing it later.

He termed the move as one that warrants an explanation.

Beyond financial concerns, he pointed to potential links between the programme and illegal small-scale mining, commonly known as galamsey, warning that failure to investigate could leave critical questions about sourcing and compliance unanswered.

He accused the Majority of choosing to ‘spin narratives’ rather than subject the programme to a bipartisan, fact-based investigation that could establish the truth in the matter.

“It is obvious that the Majority side has chosen partisanship over Ghana’s best interest. They prefer propaganda to facts,” he stated.

While the Majority maintains its position, Oppong Nkrumah insists the matter will not fade away, framing it as a long-term accountability issue that future Parliaments may be compelled to confront.

The rejection of the motion leaves several key questions about the Gold-for-Reserves programme unanswered, including its true financial performance, cost efficiency, and long-term sustainability.

MRA/VPO

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