Former Deputy Finance Minister, Abena Osei-Asare, has called on President John Mahama to order a full-blown investigation into the Domestic Gold Purchase Programme after the International Monetary Fund (IMF) reportedly estimated its losses at US$1.7 billion.

Speaking in a video sighted by GhanaWeb on Tuesday, August 11, 2026, Osei-Asare said the alleged loss represented resources that could have been invested in critical sectors such as healthcare.

Gold purchase costs are policy-driven, not 'losses' - BoG insists

“The Minister of Health is complaining about the fact that he needs GH¢ 6 billion to recruit nurses. And here we are, with approximately GH¢ 22 billion going down the drain,” she said.

She argued that recruiting thousands of unemployed nurses with part of the money would reduce unemployment and generate tax revenue for the state.

Osei-Asare also questioned the discrepancy between the Bank of Ghana’s 2025 financial statement, which reported a US$214 million loss, and the IMF’s Article IV consultation, which put the figure at US$1.7 billion.

“IMF comes, IMF is privy to all the data and everything and says, no, the loss is not US$214 million as recorded, but US$1.7 billion,” she said.

She urged the accounting firm that audited the Bank of Ghana to explain how the difference of about US$1.4 billion was treated.

The PAC Chairperson further called for greater transparency and parliamentary oversight of the gold programme, insisting that public officials must provide answers rather than insults.

“We expect some transparency. We expect some accountability and not contradiction in numbers, as is being put out there,” she added.

NA/VPO

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