Kojo Oppong Nkrumah Proposes Private Member’s Bill to Probe Goldbod | Discuss Ghana

On Monday, March 30, 2026, the Ranking Member on Parliament’s Economy and Development Committee, Hon. Kojo Oppong Nkrumah, escalated his critique of the Ghana Gold Board (Goldbod), alleging staggering operational losses and a lack of transparency in the "Gold-for-Reserves" (G4R) program.

His comments followed the Majority's decision on Friday, March 27, to block a parliamentary motion for an ad hoc committee to investigate the program.

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The "15% Loss" Allegation

Oppong Nkrumah raised specific alarms regarding the cost structure of the gold-buying operations conducted by the Bank of Ghana (BoG) through Goldbod:

Transactional Inefficiency: He alleged that for every $10 million released by the central bank for gold purchases in 2025, approximately 15% ($1.5 million) was lost to handling, transactional, and "related charges".

Justification Crisis: The MP described these rates as "unjustifiable" and argued that a thorough investigation is required to determine if these costs represent systemic wastage or are legitimately incurred operational expenses.

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Exploring the Private Member’s Bill Option

Following the defeat of the Minority's motion for an inquiry, Oppong Nkrumah signaled that the opposition would not abandon the matter:

Legislative Alternative: He stated that if a direct inquiry continues to be blocked, the Minority will explore introducing amendments to existing laws—specifically the Ghana Gold Board Act, 2025—via a Private Member’s Bill to enforce stricter oversight.

Statute of Limitations: He emphasized that there is "no statute of limitations" on public accountability and suggested that a future Parliament could reopen the probe regardless of the current Majority's stance.

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Key Concerns Raised by the Ranking Member

Issue	Allegation / Concern
Financial Loss	Reports of a $214 million loss in the first eight months of 2025.
Gold Sell-Off	Claim that 50% of acquired gold reserves were sold in Q4 2025 while inquiry calls were rising.
Sourcing (Galamsey)	Concern that up to 80% of small-scale gold used for the program may be from illegal mining.
BoG Accountability	Governor Dr. Johnson Asiama reportedly unable to provide comparative data for previous years at PAC.

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Goldbod’s Defense: Strategic Over Profit

The CEO of Goldbod, Sammy Gyamfi, Esq., and Majority Leader Mahama Ayariga have consistently defended the program:

Macroeconomic Tool: They argue that G4R is a strategic tool for foreign exchange generation and cedi stability, rather than a "profit-making venture".

Operational Costs: The reported financial gaps are described as "operational delivery costs" associated with the artisanal mining supply chain rather than "wastage".

Full Autonomy in 2026: Goldbod is set to transition to full, independent operational control later this year to address structural accounting challenges identified by the IMF.

"It is obvious that the Majority side has chosen partisanship over Ghana's best interest. They prefer propaganda to facts." — Hon. Kojo Oppong Nkrumah.