Accra, Ghana – Parliament on Friday rejected a private members’ motion seeking the establishment of an ad hoc committee to investigate the Gold for Reserves Scheme, including its design, implementation, governance, financial performance, and environmental and public health implications.
The motion was moved by the Minority Leader, Mr. Alexander Kwamena Afenyo-Markin, and seconded by the Member of Parliament (MP) for Atiwa East, Mrs. Abena Osei Asare. During a voice vote, the Majority Caucus voted against the motion, effectively blocking its passage.
Following the vote, Mr. Afenyo-Markin requested a secret ballot, but the request was denied by the Speaker of Parliament, Mr. Alban Kingsford Sumana Bagbin, who clarified that secret voting is only permissible during the consideration of constitutional amendments or the election or removal of certain officeholders.
Mr. Afenyo-Markin argued that Parliament had an obligation to investigate the reported USD 214 million loss by the Bank of Ghana (BoG) under the Gold for Reserve Scheme, citing findings from the International Monetary Fund (IMF).
During the debate, Mrs. Asare emphasized the importance of the investigation, noting that the loss exceeded the GHC 1.8 billion recorded under the Gold for Oil programme and equaled 2 percent of the country’s gross domestic product (GDP). She also highlighted that the lost amount was 29 times the funding approved by Parliament for the government’s 24-Hour Economy policy.
“Questions are being asked about traceability, due diligence, and whether illegally sourced gold is entering a State-backed programme. If that is the case, the government is not only managing a flawed policy but institutionalizing illegality,” Mrs. Osei stated.
In response, the MP for Amenfi West, Mr. Eric Afful, said the programme began under the previous New Patriotic Party (NPP) government in 2022 but suffered losses due to mismanagement. He argued that under the current government, the programme had accumulated USD 10.8 billion in reserves between March and September, bringing significant economic benefits.
The Majority Leader, Mr. Mahama Ayariga, described the Minority’s arguments as “flawed,” emphasizing that the programme was not designed as a profit-making venture but as a strategic mechanism to harness domestic gold production.
The debate was marked by frequent interruptions from members on both sides of the House.
