The New Patriotic Party (NPP) Minority Caucus in Parliament has demanded a full scale bipartisan parliamentary inquiry into alleged $214 million losses incurred through GoldBod’s purchases under the gold reserves scheme.
Kojo Oppong Nkrumah, Member of Parliament for Ofoase Ayirebi, speaking on behalf of the Caucus in Parliament House on Monday, December 29, said the group had formally submitted a motion to the Clerk of Parliament for onward transmission to the Speaker. The motion seeks to constitute a bipartisan committee to investigate the circumstances surrounding the losses, assess accountability, and recommend measures to safeguard the country’s financial interests.
According to the Minority, data submitted by the government to the International Monetary Fund (IMF) revealed that Ghana lost $214 million in just the first nine months of 2025 under the Gold for Reserves programme. The Minority said Ghana risked losing over $300 million by the end of 2025 through the government backed gold trading initiative.
Central to the Minority’s concerns is the role of Bawa Rock Ltd, which had been granted exclusive rights as the sole aggregator licensed by GoldBod to purchase artisanal gold across the country. The Minority questioned why a monopoly was created in an industry where competition is essential for fair pricing and transparency, demanding public disclosure of the criteria used to select Bawa Rock Ltd and the identities of its beneficial owners.
Akbar Yussif Rohullah Khomeini, a Special Aide to former Vice President Dr. Mahamudu Bawumia, has raised serious concerns over the operations of Bawa Rock Company Ltd, a firm he says was incorporated in February this year, shortly after the National Democratic Congress (NDC) assumed power.
However, economic analyst Senyo Kwasi Hosi offered a different perspective on the reported loss. Hosi argues that while the $214 million is technically an accounting loss, it should be viewed in the broader context of economic gains.
Established in 2025, GoldBod centralises Ghana’s gold trade, boosts official foreign exchange inflows, and accumulates gold reserves. In its first year, the agency has sharply reduced gold smuggling, increasing official artisanal and small scale mining exports from 63.6 metric tons in 2024 to 101 metric tons in 2025.
The programme has helped raise Ghana’s foreign reserves from $8.98 billion in 2024 to $11.12 billion by October 2025, with projections of $13 billion by year end. The appreciation of the cedi, from an average of GH¢14.2 per dollar in 2024 to GH¢12.53 per dollar in 2025, has generated substantial fiscal savings.
Hosi explains that savings of over GH¢6.2 billion were recorded on external debt servicing alone when compared to budgeted exchange rate assumptions, while foreign exchange savings on Independent Power Producer payments exceeded GH¢6.45 billion.
Hosi explains that the loss arises partly from GoldBod paying world market rates to local miners and offering bonuses to discourage smuggling. This strategy ensured gold was sold through official channels rather than foreign networks, strengthening reserves and generating foreign exchange inflows.
“The DGPP has delivered stability, fiscal savings, and inflation reduction,” Hosi said. “The $214 million is not a loss but a policy cost whose benefits far outweigh its financial cost”. He notes that inflation declined from 24 percent in 2024 to 6.3 percent by November 2025.
GoldBod has strongly rejected claims contained in the International Monetary Fund’s Fifth Review report that the Bank of Ghana incurred losses under the Gold for Reserve program. GoldBod CEO Sammy Gyamfi has maintained that it has not recorded any losses and is instead on track to post a surplus of at least GH¢600 million by the end of the 2025 financial year.
The debate has left investors and businesses unsettled as they await clarity from the government. The Minority has called for a Parliamentary Ad hoc Investigative Committee with subpoena powers to examine contracts, licences, and intermediaries.
With Ghana being a major gold producer, the outcome of this scrutiny could have significant implications for the country’s mining sector and foreign exchange management strategy heading into 2026.