The Minority in Parliament has initiated moves to establish an Ad Hoc Committee to investigate the implementation and financial performance of the Gold-for-Reserves Scheme, amid growing concerns over reported foreign exchange losses, gold sourcing and accountability within the programme.
The move follows renewed criticism of the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, over his response to concerns raised by the Minority regarding the state-owned gold trading institution and its role in the Gold-for-Reserves programme.
In a statement accompanying the filing of the motion, the Minority accused the GoldBod CEO of focusing on personal attacks against Minority Leader Alexander Afenyo-Markin instead of addressing substantive questions raised about the scheme.
“The GoldBod CEO, in attempting to respond to the issues raised by the Minority and backed by IMF references, chose instead to character assassinate the Minority Leader,” the Minority said.
The caucus said it would not be drawn into what it described as insults and disrespect, insisting that its focus remained on obtaining answers to issues it considers important to the management of public resources.
“We won’t venture into his area of strength, insults and disrespect, to divert attention from the real issues. We are sticking to the facts. Bring your brevity to Parliament. Answer the questions and let the facts speak for themselves,” the Minority stated.
The Notice of Motion, filed under Order 127 of Parliament’s Standing Orders, seeks the establishment of an Ad Hoc Committee pursuant to Article 103 of the 1992 Constitution and Standing Orders 204, 212, 213, 262 and 263.
The proposed committee is expected to conduct a comprehensive inquiry into the Gold-for-Reserves Scheme, including its design, implementation, governance and financial performance.
The Minority also wants the committee to examine the environmental and public health implications of the scheme, as well as other related matters arising from its implementation.
A key area of the proposed investigation is the reported foreign exchange losses sustained by the Bank of Ghana in connection with the scheme.
The motion further seeks an examination of the respective roles played by relevant state institutions in the implementation of the programme.
The proposed committee is also expected to investigate the integrity of the supply-chain due diligence and traceability systems used in the acquisition of gold under the scheme.
According to the Minority, the inquiry should establish whether adequate mechanisms exist to prevent the acquisition of illegally sourced gold.
This aspect of the proposed investigation is particularly significant given longstanding concerns over illegal mining, commonly known as galamsey, and its impact on Ghana’s environment and natural resources.
The Minority wants the committee to examine the risk that gold obtained through illegal or questionable sources could enter the formal gold trading system.
It also wants the investigation to address broader accountability issues arising from the operation of the Gold-for-Reserves Scheme.
The Minority said the filing of the motion is intended to provide an opportunity for the issues surrounding GoldBod and the Gold-for-Reserves Scheme to be examined through Parliament rather than through public exchanges.
“We hope that this time, the Majority will support the Motion and allow the GoldBod CEO to come to Parliament to answer the questions raised by the Minority,” the caucus said.
The Minority argued that the issues at stake were too important to be reduced to what it described as insults and personal attacks.
“The issues are too important to be reduced to insults and personal attacks,” it added.
The proposed Ad Hoc Committee would, according to the Notice of Motion, be guided by a substantive motion outlining its composition, powers, terms of reference, reporting timelines, interim measures and implementation framework.
The motion is therefore expected to bring the Gold-for-Reserves Scheme under a broader parliamentary review, with particular attention to its financial implications, institutional responsibilities, gold sourcing processes and accountability mechanisms.
The Notice of Motion is being sponsored by five Minority Members of Parliament.
They are the MP for Ofoase Ayirebi and Ranking Member of the Committee on Economy, Hon. Kojo Oppong Nkrumah; the MP for Manso-Kwanta, Hon. Tweneboa Kodua Fokuo; the MP for Weija-Gbawe and Second Deputy Minority Whip, Hon. Jerry Ahmed Shaib; the MP for Old Tafo, Hon. Vincent Ekow Assafuah; and the MP for Offinso North, Dr Fred Kyei Asamoah.
The sponsors are seeking parliamentary approval for the establishment of the committee to investigate the scheme and report its findings to the House within a framework to be set out in the substantive motion.
The development adds another layer to the ongoing political debate over GoldBod, with the Minority insisting that questions concerning the institution’s financial performance and the Gold-for-Reserves Scheme should be subjected to parliamentary scrutiny and answered with documentary evidence.
For the Minority, the proposed parliamentary inquiry is intended to shift the debate from political exchanges to a formal examination of the facts, financial records and institutional decisions underpinning the scheme.
By 1960news.com
