The Ghanaian Parliament is intensifying its scrutiny of the Domestic Gold Purchase Programme (GoldBod), with Majority Leader James Agalca demanding a significantly expanded investigation beyond the initial 2025 timeframe. Agalca, speaking on Joy News’ PM Express on Monday, argued that a limited investigation would fail to fully grasp the scheme’s complexities, particularly considering its historical ties to previous administrations. He stated that a broader inquiry, covering the period from 2021 – when the Programme began – is crucial.
‘You want us to interrogate matters properly,’ Agalca asserted, referencing a need for a holistic investigation. He emphasized the importance of examining the original agreement between the Precious Minerals Marketing Company (PMMC) and the Bank of Ghana, which remains in force, dating back to 2023. This agreement governs the program’s core operations.
Mr. Agalca highlighted a potential problem – a discrepancy between the PMMC’s foreign exchange rate practices and the Bank of Ghana’s, a practice that could lead to losses. He questioned whether the PMMC consistently utilized forex bureau rates for dore gold purchases in 2021, rather than the Bank of Ghana’s standard rate, which could result in significant financial discrepancies. He inquired about whether this practice continues today, and whether similar inconsistencies persist.
He also questioned whether the Gold Board, as an agent of the Bank of Ghana, should not be held accountable for these costs. According to Agalca, the Auditor-General’s 2025 report demonstrates no adverse findings against the Gold Board, stating that no single finding was made against the Board.
Furthermore, he defended GoldBod against claims of losses, asserting that documents reviewed showed otherwise. He stated that the Auditor-General’s 2025 report contained no adverse findings against the Gold Board. Agalca emphasized that the investigation should ultimately address all aspects of the program.
He reiterated the need to thoroughly investigate the matters and provide clear guidance to the people of Ghana, emphasizing the importance of informed decision-making based on a comprehensive understanding of the program’s history and ongoing operations. The Parliament is scheduled to hold a full hearing on this matter, and preliminary discussions suggest a vigorous examination of the program’s past and present activities. The government has stated that it will be actively cooperating with the investigation, and legal experts predict a significant level of scrutiny will be applied to the Gold Board.
The issue is significant, given the program’s substantial financial implications and its impact on Ghana’s gold market. The investigation is expected to focus on the PMMC’s role in the 2021 purchase of dore gold, and the potential for future discrepancies in the program’s cost allocation. The full extent of the program’s costs and the extent of potential losses is still under investigation, and the Parliament is committed to ensuring transparency and accountability.
This investigation is particularly relevant given the historical agreement between the PMMC and the Bank of Ghana, which governs the program’s core operations, and the potential for ongoing financial discrepancies.
This report is based on information provided by the original article and further analysis of available documents, including official statements and regulatory filings. The investigation will likely involve a detailed review of past audit reports, financial statements, and agreements related to the Gold Bod program. The full scope of the audit will be determined by the Parliament’s proceedings.
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Source: Adom Online
