Second Deputy Minority Whip and Member of Parliament for Weija-Gbawe in the Greater Accra Region, Jerry Ahmed Shaib, has raised concerns over what he describes as inadequate monitoring of risks associated with the operations of the Ghana Gold Board (GoldBod).
In a statement, Mr. Shaib said the concerns are reflected in the World Bank’s 10th Ghana Economic Update: Reset for Growth, Sustaining Macroeconomic Recovery and Unlocking Transport for Transformation, published in August 2026.
He also referenced an August 2026 IMF report, Ghana: Selected Issues, which he said indicated that Ghana’s gold programme recorded losses exceeding $1.7 billion in 2025, equivalent to about 1.5 percent of GDP, and contributed to negative equity at the Bank of Ghana.
According to the Weija-Gbawe MP, the Domestic Gold Purchase Programme was a sound policy introduced under the Nana Akufo-Addo administration and designed by then Vice President Dr. Mahamudu Bawumia to strengthen Ghana’s reserves and support the stability of the cedi.
He argued that while the underlying concept was sound, concerns had emerged over its implementation under the current administration.
Mr. Shaib further claimed that the World Bank had raised concerns about the tracking of gold reserves acquired under the programme, as well as delays involving GoldBod reforms, which he said constituted an ongoing risk to the economy.
He also pointed to concerns raised in the World Bank report regarding undercapitalised banks and specialised deposit-taking institutions, challenges facing the Cocoa Marketing Company and COCOBOD, as well as Ghana’s exposure to fluctuations in international gold prices.
The Minority welcomed the Speaker of Parliament’s admission of its motion on the matter, describing it as an opportunity to seek clarity on the operations of the gold programme.
Among other things, the Minority is demanding a full parliamentary inquiry into GoldBod and the Bank of Ghana’s gold operations, including the power to summon officials and obtain relevant documents.
It is also calling for the disclosure of off-takers involved in the programme, discounts granted on gold purchases, fees charged and details of which institution—GoldBod or the Bank of Ghana—bore any losses.
The Minority further wants government to publicly disclose all contingent liabilities associated with the programme, ensure gold reserves are accounted for under standard reserve-reporting practices, and provide a clear timeline for addressing risks identified by the IMF and World Bank.
“Two independent international institutions have now confirmed the same thing, and Parliament has taken the first step toward accountability.
Ghanaians deserve competent stewardship of a good idea, not excuses,” Mr. Shaib said.
