Key Takeaways
- PAGA insists on a reconciled account of the 7 billion‑cedi loss from the Bank of Ghana’s Domestic Gold Purchase Programme.
- The Ministry of Finance, Bank of Ghana and GoldBod are ordered to publish detailed records, including off‑takers, discounts and beneficiaries.
- Officials who approved the transactions must be identified and held accountable.
- Robust safeguards are required to prevent similar losses in the future.
The Public Accounts Committee (PAGA) of Ghana’s Parliament has issued a comprehensive set of demands aimed at clarifying a 7 billion‑cedi shortfall recorded under the Bank of Ghana’s Domestic Gold Purchase Programme for 2025. The committee frames the loss as a direct cost to the taxpayer, regardless of which state entity’s books reflect it.
In a statement that underscores parliamentary oversight, PAGA calls on the Presidency, the Ministry of Finance, the central bank and the state‑owned GoldBod to produce a fully reconciled account, disclose all related contracts, and implement mechanisms that preclude a repeat of the financial gap.
Background & Context
The Domestic Gold Purchase Programme was launched to stabilize Ghana’s gold market, provide a reliable outlet for local producers and generate foreign exchange. By 2025, internal audits revealed a discrepancy amounting to roughly 7 billion cedis, a figure that exceeds initial projections and raises questions about pricing, off‑take agreements and internal controls.
Stakeholders have pointed to a combination of discounted sales, opaque beneficiary lists and insufficient oversight as possible contributors to the shortfall. The lack of a publicly available, audited financial statement has fueled speculation and eroded confidence among investors and the broader public.
PAGA's Specific Demands
The committee’s final list of demands includes publication of a reconciled account by the Ministry of Finance, the Bank of Ghana and GoldBod, identification of all off‑takers, disclosure of discounts, fees and beneficiaries, and a detailed explanation of the pricing and trading decisions that led to the loss.
Additionally, PAGA requires that Mr. Afenyo‑Markin, the Minister of Finance, respond directly to the findings, that the Minority Caucus articulate its position, and that Mr. Gyamfi present the evidence he has gathered. All relevant records must be made available for examination, and officials who authorized the transactions are to be held accountable.
Implications for Ghanaian Fiscal Policy
The uncovered loss has immediate budgetary ramifications, potentially widening the fiscal deficit and pressuring the cedi. It also highlights systemic vulnerabilities in state‑run commodity programmes, where insufficient transparency can translate into sizable taxpayer burdens.
Internationally, the episode may affect Ghana’s credit ratings and its ability to attract foreign investment, as lenders scrutinize governance standards in resource‑rich economies. Strengthening audit trails and enforcing stricter procurement protocols could mitigate reputational damage.
Looking Ahead
If the demanded disclosures are forthcoming, they could set a precedent for enhanced parliamentary scrutiny of large‑scale economic initiatives. The establishment of clear safeguards—such as independent audit committees and real‑time reporting—will be critical to restoring confidence.
Future policy discussions are likely to focus on redesigning the gold purchase framework, aligning it with best practices in commodity management, and ensuring that any fiscal support mechanisms are fully insulated from political interference.
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