Parliament has rejected a motion by the Minority to establish an ad hoc committee to investigate the Gold-for-Reserves programme.
The motion, moved by Minority Leader Alexander Afenyo-Markin on the floor of Parliament sought to trigger a comprehensive bipartisan inquiry into the programme’s operations, including its financial performance, governance structure, and environmental impact.
The proposal sparked intense debate in the House, with Minority MPs insisting that the scale of alleged losses and concerns about transparency required urgent parliamentary scrutiny.
Afenyo-Markin argued that the Ghanaian public deserved full disclosure, citing reports that losses linked to the programme may have escalated significantly.
“No document, no testimony should be left untouched… you cannot sell gold and make losses,” he told the House.
He maintained that the proposed committee would have operated independently, with full powers to summon witnesses, demand documents, and conduct public hearings.
The Minority’s motion outlined a wide scope for the probe, including:
• The legal and regulatory framework of the programme
• Financial and risk management systems
• Transparency and accountability mechanisms
• Environmental and public health implications
The motion also proposed engaging independent experts such as forensic accountants and environmental scientists, while calling for key officials, including those from the Bank of Ghana, to appear before the committee.
However, the Majority side opposed the motion, leading to its eventual rejection after a lengthy debate.
While the Majority’s detailed position was not fully outlined during the proceedings, their opposition effectively halted the Minority’s attempt to initiate a parliamentary probe into the programme.
Despite the setback, the Minority insists the concerns raised remain valid and in the national interest.
They argue that recent adjustments to aspects of the programme such as a reported reduction in certain charges vindicate their calls for scrutiny.
“The era of secrecy is over,” Afenyo-Markin said, adding that the Minority would continue to push for transparency and accountability.
The Gold-for-Reserves programme has been a key policy initiative aimed at strengthening Ghana’s foreign reserves and stabilising the economy.
