The Minority New Patriotic Party (NPP) caucus in Parliament has reaffirmed its determination to pursue answers over the reported GH¢22 billion loss under the Bank of Ghana’s (BoG) Domestic Gold Purchase Programme, insisting that the issue requires rigorous parliamentary scrutiny because public funds are involved.
In a statement on Sunday, Minority Leader, Osahen Alexander, Kwamina Afenyo-Markin, said the caucus would remain focused on its constitutional oversight responsibilities despite what he described as personal attacks, insults and attempts to divert attention from the substantive questions surrounding the programme and the role of the Ghana Gold Board (GoldBod).
Mr Afenyo-Markin said the Minority would initiate the necessary parliamentary processes to facilitate a full inquiry into the reported loss arising from gold trading undertaken by GoldBod and reflected in the books of the Bank of Ghana.
“I remain focused. I will continue working with the Minority Caucus to initiate the necessary parliamentary processes for a full inquiry into the reported GH¢22 billion loss arising from the trading done by the GoldBod and reflected in the books of the Bank of Ghana,” he said.
The Minority Leader rejected allegations that his decision to question the losses was driven by improper motives, describing the claims as false and defamatory.
According to him, his actions have been guided by Parliament’s constitutional mandate to scrutinise public institutions and ensure accountability in the management of public resources.
He acknowledged that public officials and institutions subjected to scrutiny could respond with criticism, but said such reactions should not distract Parliament from examining the underlying financial and policy questions.
Mr Afenyo-Markin said the International Monetary Fund (IMF) had reported a loss of approximately US$1.7 billion under the programme in 2025, stressing that regardless of which institution’s balance sheet carried the loss, the funds ultimately represented public money.
“The International Monetary Fund has reported a loss of approximately US$1.7 billion under this programme in 2025. Whichever institution’s balance sheet carries that figure, it represents public money,” he said.
He argued that Ghanaians were therefore entitled to know the details of the transactions that resulted in the reported losses, including the identities of the off-takers, the discounts applied to their purchases and the authority under which those discounts were approved.
The Minority also wants clarification on the fees earned from the transactions and a comprehensive disaggregation of the reported US$1.7 billion loss.
Mr Afenyo-Markin said the breakdown should establish how much of the loss arose from foreign-exchange differentials, how much resulted from the prices at which GoldBod bought and sold the gold, and what considerations informed the management decisions behind the transactions.
He maintained that these questions should not remain matters of political speculation but should be formally documented and placed in the public domain.
“These questions belong in the public record,” he said, adding that the Minority would continue to present its concerns in writing and publish its sources to allow Ghanaians to independently examine the evidence.
He said the approach would enable citizens to make informed judgments based on evidence rather than rely solely on statements from either the Minority or the government.
The Minority Leader further disclosed that he intended to pursue appropriate legal remedies over what he described as defamatory statements made against him personally.
He, however, emphasized that the attacks would not distract him from the broader parliamentary responsibility of scrutinising the gold purchase programme and the decisions taken in its implementation.
“My attention, and that of the Caucus I lead, remains firmly focused on the programme, the decisions taken and the public funds involved,” he said.
The Minority said it’s renewed stance for scrutiny of the Gold Purchase Programme and the role of GoldBod in the transactions would provide clarity, particularly on the financial arrangements underpinning the purchase, sale and off-taking of gold.
This is expected to feature in parliamentary sittings this week as the House holds a five-day emergency sitting to attend to public business at the behest of the Speaker, Alban Sumana Kingsford Bagbin in accordance with Standing Orders of the House and the 1992 constitution.
Mr Afenyo-Markin said the Minority’s focus was not on personalities but on obtaining answers to critical questions surrounding the programme and ensuring that decisions involving significant public resources were subjected to proper parliamentary oversight.
He maintained that the Minority would continue to pursue the matter through the appropriate parliamentary processes and place relevant evidence before the public as it seeks clarity on the reported GH¢22 billion loss.
By: Christian Kpesese/NR NEWS
