ELS: MBN360 NEWS
Honourable Kojo Oppong Nkrumah, Ranking Member on the Committee on Economy, alongside four other lawmakers, has officially filed a Parliamentary motion demanding the immediate establishment of an Ad Hoc Committee to thoroughly investigate the Domestic Gold Purchase Programme (DGPP).
Submitted under Order 127 of the Standing Orders of Parliament and pursuant to Article 103 of the 1992 Constitution, the parliamentary Notice of Motion seeks to probe the policy’s structural design, daily operations, foreign currency performance, and environmental footprint.
“That this Honourable House, pursuant to Article 103 of the 1992 Constitution and Standing Orders 204, 212, 213, 262 and 263, is moved to Establish an Ad Hoc Committee to investigate the Gold-for-Reserves Scheme, including its design, implementation, governance, financial performance, environmental and public health implications, and any related matters.”Notice of Motion
The legislative petition explicitly targets the foreign exchange exposure and operational losses reportedly sustained by the Bank of Ghana (BoG) in connection with the national gold-buying scheme.
By demanding a multi-agency inquiry into state institutions and private intermediaries, the Minority caucus intends to evaluate the integrity of gold supply-chain due diligence, assess traceabilities, and quantify public health impacts associated with domestic gold purchases.
Constitutional Mandate and Motion Framework
The constitutional basis of the motion relies on Article 103, which empowers Parliament to create committees tasked with investigating public administrative functions and legislative execution.
Supported by parliamentary Standing Orders 204, 212, 213, 262, and 263, the applicants have structured a framework outlining the proposed committee’s composition, statutory powers, witness summoning rights, reporting deadlines, and interim protective measures.
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The filing comes amid heightened scrutiny over extractives governance, where structural defects in state-led commodity acquisition programs jeopardize fiscal stability.
Rationale Behind the Parliamentary Probe
The urgent demand for an inquiry stems directly from mounting financial and regulatory red flags reported within the central bank’s gold acquisition operations.
Chief among these concerns are severe reported foreign exchange losses linked to pricing mechanisms and currency swaps executed between the Bank of Ghana and the Ghana Gold Board (GoldBod).
Without rigorous parliamentary oversight, unvetted purchasing channels risk exposing the national banking reserve system to opaque financial clearing arrangements and severe valuation write-downs.
Furthermore, the extractive industry faces structural threats regarding supply-chain integrity. Lenders and international traders have raised alarm over potential “acquisition of illegally sourced gold” entering official state reserves without verifiable chain-of-custody documentation.
By seeking an Ad Hoc investigation, lawmakers aim to audit the supply-chain due diligence framework, eliminate illegal mining contagion within official reserves, and establish clear operational accountability across all participating state entities.
Signatories and Bipartisan Intent
The Notice of Motion reflects a coordinated effort within the parliamentary Minority leadership, featuring key members across critical economic and administrative oversight committees.
The key applicants backing the motion include Hon. Kojo Oppong Nkrumah (MP for Ofoase Ayirebi and Ranking Member on the Committee on Economy), Hon. Tweneboa Kodua Fokuo (MP for Manso Nkwanta), Hon. Jerry Ahmed Shaib (MP for Weija-Gbawe and Second Deputy Minority Whip), Hon. Vincent Ekow Assafuah (MP for Old Tafo), and Dr. Fred Kyei Asamoah (MP for Offinso North).
