The Minority Caucus on the Budget Committee of Parliament has escalated its demand for accountability over the government’s gold-buying operations, following the discovery of a staggering $214 million loss linked to the Gold for Reserves Programme.
In a briefing with journalists on Monday, 16th March 2026, following a high-level consultative meeting with officials from the International Monetary Fund (IMF), the caucus described the financial discrepancy as “unacceptable” and indicative of a deeper “systemic failure” in the management of national assets.
The Vice Chairman of the Budget Committee, Alexander Agyare, expressed grave concern over what he termed a “glaring lack of transparency” between Ghana Goldbod and the Bank of Ghana (BoG).
The programme, designed to bolster the nation’s foreign exchange reserves through domestic gold purchases, is now under fire for its opaque accounting and reported losses.
“The reported loss of 214 million dollars under the programme is unacceptable and must be explained by the government. Authorities must account for the losses and provide clarity on how the programme is being managed,” Mr Agyare insisted.
The Minority is demanding a full reconciliation of the gold volumes purchased versus the actual reserves held at the Central Bank, citing fears that accounting practices seen in other sectors may be infiltrating the nation’s bullion management.
Beyond the gold crisis, the Minority Members of the Budget Committee issued a stern warning regarding the slow pace of fiscal disbursements. The group criticised the Ministry of Finance for persistent delays in the release of budgetary allocations to various Ministries, Departments, and Agencies (MDAs) throughout the 2025 fiscal year.
These delays, the caucus argues, have effectively crippled the delivery of essential public services and stalled critical infrastructure projects.
The Minority has vowed to use its oversight powers on the Budget Committee to ensure that all transactions under the Gold for Reserves Programme are made public, funds for MDAs are released according to the schedules approved in the Appropriation Act, and any official found responsible for the $214 million loss faces immediate sanctions.
The Budget Committee is expected to summon the Governor of the Bank of Ghana and the leadership of Ghana Goldbod in the coming days to provide a line-by-line justification for the reported losses.
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Source: www.myjoyonline.com
