1. In the year 2024, the Bank of Ghana (BoG) under the NPP was able to buy just 45 tonnes of ASM gold through their aggregators (PMMC and Red Sapphire). Gold prices at the time stood below $2,800 per ounce.

The BoG made an audited loss of GHS4.18 billion under this ASM gold purchase program that year, 2024.

2. In 2025, the BoG under the NDC has been able to buy an unprecedented volume of ASM gold, 102 tonnes, worth over $10 billion, through the PMMC/GoldBod. This is more than double the 2024 volume of 45 tonnes, and at a time gold prices have soared to an all-time high of over $4,400 per ounce.

3. The NPP Minority Caucus is now crying foul that the BoG and GoldBod has made a much lesser loss of GHS3.3 billion (unaudited and unverified), despite buying a far larger volume of ASM gold, at higher prices.

They want a probe into how we have reduced their losses under the G4R program.

4. When you remind them of the much bigger losses the BoG incurred under the same G4R program in 2023 and 2024 when they the NPP were in power, despite they buying relatively lesser volumes of ASM gold and at relatively lower prices, they say you are equalizing.

No, we are not equalizing at all. We are simply exposing your hypocrisy and deliberate mischief.

5. Is the Gold for Reserve Program (ASM) a profit-making program or a forex-generation program? Fact is, it is a forex-generation programme and not a profit-making program. You don’t assess the success of a non-profit monetary policy initiative on the basis of profit and loss but rather, on its broad economic impact.

6. If profit is the ultimate goal of the G4R program, why was the BoG under the NPP buying gold at spot prices between 2023-2024 as a government policy?

7. If profit is the ultimate goal for the G4R program, why weren’t the BoG able to make profit under same under the NPP in two years (2023-2024)?

Hypocrisy at its apogee!