Attempts to establish political equivalence in the ongoing controversy surrounding Ghana’s Gold for Reserves Policy appear to be faltering, following the inability of the Governor of the Bank of Ghana (BoG), Dr. Asiamah, to produce documentary evidence supporting claims that the policy has consistently incurred losses since its inception.
Appearing before Parliament’s Public Accounts Committee (PAC), the BoG Governor stated that the Gold for Reserves Policy—introduced as a key intervention to stabilise the cedi—has faced losses from the outset. Based on this, he suggested that the recent losses highlighted by the International Monetary Fund (IMF) were not unprecedented.
However, the Chairperson of the Committee, Abena Osei Asare, challenged the Governor to clearly indicate where such losses were recorded in the Bank’s audited accounts. She noted that while a reported loss of about GH₵1.8 billion was reflected in BoG’s published financial statements, similar losses allegedly incurred in 2024 could not be traced in the accounts available on the Bank’s official website.
“Governor, I want you to show us clearly in the accounts where these losses were recorded. The GH₵1.8 billion loss appears in your audited accounts, but the earlier losses you refer to cannot be found in the reports,” the Chairperson stated.
In response, Dr. Asiamah requested additional time to review the records and provide the Committee with the relevant evidence.
The Gold for Reserves Policy has been at the centre of heightened public debate following a recent IMF report indicating that the policy recorded losses exceeding US$214 million within the first eight months of implementation. This revelation prompted members of the Minority on Parliament’s Economy and Development Committee, led by Ranking Member Hon. Kojo Oppong Nkrumah, to call for the establishment of a parliamentary committee to conduct a public investigation into the matter.
Initial responses from both GoldBod and the Bank of Ghana dismissed the IMF’s claims as speculative and misleading. Subsequently, however, the Bank of Ghana acknowledged that certain costs had been incurred under the policy, while GoldBod also admitted that losses were not unprecedented, arguing that higher losses had allegedly been recorded during the New Patriotic Party (NPP) administration.
The controversy further triggered an investigation by the production team of Asempa FM’s Ekosii Sen, which filed a Right to Information (RTI) request seeking details on profits and losses recorded under the Gold for Reserves framework since its inception. Responses from the Bank of Ghana confirmed that losses were indeed recorded during that period.
Despite this, at today’s sitting of the Public Accounts Committee, the Governor was unable to provide detailed documentation to substantiate his claim that similar losses had occurred in the past, even when specifically prompted to do so by the Committee Chair.
This development has reinforced concerns among critics that efforts are being made to politically equalise responsibility in the ongoing dispute, rather than provide transparent and verifiable accounting of the Gold for Reserves Policy’s financial portfolio.
