Second Deputy Minority Whip and Member of Parliament for Weija-Gbawe, Jerry Ahmed Shaib, has called for a comprehensive parliamentary inquiry into the operations of the Ghana Gold Board (GoldBod) and the Bank of Ghana’s domestic gold purchase programme.
Mr Shaib’s call follows what he described as concerns raised by the World Bank and the International Monetary Fund (IMF) over the management, monitoring and financial implications of Ghana’s gold-related operations.
In a statement, the legislator cited the World Bank’s 10th Ghana Economic Update: Reset for Growth, Sustaining Macroeconomic Recovery and Unlocking Transport for Transformation, published in August 2026.
He said the report describes GoldBod-related operations as a “significant and insufficiently monitored risk” to Ghana’s economy.
According to Mr Shaib, the World Bank’s assessment raises important questions about how gold acquired under the domestic gold purchase programme is monitored, accounted for and incorporated into Ghana’s reserve management framework.
Mr Shaib maintained that the concept of using Ghana’s gold resources to strengthen the country’s reserves and support the stability of the cedi is fundamentally sound.
He attributed the Domestic Gold Purchase Programme to the administration of former President Nana Addo Dankwa Akufo-Addo and said then-Vice President Dr Mahamudu Bawumia played a central role in its design.
The MP, however, argued that the concern is not the principle behind the programme but what he described as poor management of the policy under the current administration.
He said the World Bank’s observations should prompt an urgent review of the systems governing the programme to ensure that Ghana’s gold assets and related financial transactions are properly monitored.
Mr Shaib further cited the World Bank’s observation that gold reserves associated with the programme are not being tracked in the same manner as Ghana’s other reserve assets.
He also pointed to the World Bank’s identification of GoldBod and delays in implementing reforms as continuing risks to the Ghanaian economy.
For Mr Shaib, the findings are particularly significant because they follow concerns raised by the IMF regarding the financial performance of the gold purchase programme.
He said the two assessments together reinforce the need for Parliament to establish the facts surrounding the programme and determine how the reported risks and losses arose.
The Weija-Gbawe MP also referenced the IMF’s Ghana: Selected Issues report, IMF Country Report No. 26/213, published in August 2026.
He said the IMF report put losses associated with the gold purchase programme at more than US$1.7 billion in 2025, representing approximately 1.5 per cent of Ghana’s GDP.
Mr Shaib said the reported losses had significant implications for the financial position of the Bank of Ghana and warranted detailed scrutiny.
He argued that the IMF’s assessment, coupled with the World Bank’s concerns over monitoring and risk management, makes a parliamentary investigation necessary.
“Two independent international institutions have now confirmed the same thing,” he said, insisting that Parliament must establish the facts surrounding the operations.
Mr Shaib welcomed the Speaker of Parliament’s admission of the Minority’s motion seeking an inquiry into the matter.
He said the development provides Parliament with an opportunity to examine the operations of GoldBod and the Bank of Ghana and determine how the reported losses were incurred.
He called for the proposed inquiry to have sufficient powers to summon officials, demand relevant documents and examine the contractual and financial arrangements underpinning the gold transactions.
The MP also demanded disclosure of the identities of the off-takers involved in the programme, as well as details of discounts granted and fees charged.
He further wants clarification on which institutions ultimately absorbed losses arising from the transactions.
According to Mr Shaib, several questions raised by the Minority remain unanswered.
These include the identities of the off-takers who purchased gold under the programme, the discounts applied to transactions, who authorised those discounts and the fees associated with the transactions.
He also wants the government to clarify whether particular losses were borne by GoldBod, the Bank of Ghana or another entity.
“The World Bank’s findings only sharpen the urgency of those questions and add new ones,” he said.
Mr Shaib is also demanding greater transparency over contingent liabilities associated with the gold purchase programme.
He referenced the World Bank report’s recommendations and said the public must be given adequate information about potential financial obligations arising from the programme.
He further called for gold reserves acquired through the programme to be accounted for transparently under standard reserve reporting arrangements.
In his view, such disclosures would enable Parliament, financial institutions and the public to properly assess the programme’s financial position and associated risks.
Beyond GoldBod, Mr Shaib said the World Bank report highlighted other vulnerabilities within Ghana’s financial and economic system.
He pointed to concerns about weak banks and specialised deposit-taking institutions that remain inadequately capitalised, as well as financial difficulties facing the Ghana Cocoa Board (COCOBOD).
He also cited Ghana’s exposure to sharp movements in international gold prices as another risk requiring effective management.
The MP called on the government to provide a clear plan and timeline for addressing the gaps identified by both the IMF and World Bank.
Mr Shaib outlined five key demands from the Minority:
1. A full parliamentary inquiry into GoldBod and the Bank of Ghana’s gold operations, with powers to summon officials and demand relevant documents.
2. Full disclosure of off-takers, including the discounts granted, fees charged and clarification on whether GoldBod or the Bank of Ghana bore specific losses.
3. Systematic public disclosure of contingent liabilities associated with the gold purchase programme.
4. Transparent accounting of gold reserves acquired through the programme under standard reserve reporting mechanisms.
5. A clear government plan and timeline to address the gaps identified by the IMF and World Bank, including risks associated with banks, COCOBOD and gold price volatility.
Mr Shaib stressed that the Minority’s position should not be interpreted as a rejection of the Domestic Gold Purchase Programme.
Rather, he said, the focus is on ensuring that a policy designed to strengthen Ghana’s reserves is properly managed, monitored and accounted for.
He argued that the reported financial losses and concerns raised by the two international institutions make parliamentary scrutiny unavoidable.
“Ghanaians deserve competent stewardship of a good idea, not excuses,” Mr Shaib said.
He added that the Minority would continue to press for answers on the programme and the financial implications of the gold transactions.
The issue is expected to remain a subject of parliamentary scrutiny as lawmakers consider the Minority’s motion and seek greater clarity on the financial, contractual and operational arrangements surrounding Ghana’s gold reserve accumulation strategy.
By 1960news.com
