Accra, January 8, 2026 — The Minority in Parliament has mounted a strong critique of President John Dramani Mahama’s first year in office, accusing the government of economic mismanagement, weak oversight of public programmes, rising insecurity, and failure to deliver on job creation promises.
At a press conference held in Accra on Wednesday to mark one year of the National Democratic Congress (NDC) administration, the Minority rejected claims by government communicators that Ghana has experienced an economic “reset,” insisting that recent macroeconomic improvements were largely inherited and unsustainable.
According to the Minority, gains in GDP growth, inflation reduction and cedi appreciation were driven by an International Monetary Fund (IMF) programme, fiscal consolidation measures, and favourable global gold prices negotiated or implemented under the previous administration.
They cautioned that the sharp appreciation of the cedi—estimated at over 40 per cent within a year—was already undermining exporters, farmers and local manufacturers.
Gold-for-Reserves programme under fire
A major focus of the Minority’s address was the Gold-for-Reserves programme, which they said recorded losses of $214 million within nine months, citing an IMF report.
While acknowledging that the initiative was conceptualised under the previous New Patriotic Party (NPP) administration, the Minority argued that the programme only became loss-making after it was expanded and placed under the management of GoldBod following President Mahama’s return to office.
The group accused GoldBod of misleading the public by highlighting agency fees and commissions while failing to disclose losses incurred from gold trading operations.
“They are conflating operational income with programme performance,” the Minority said, arguing that fee income does not negate trading losses identified by the IMF.
The Minority also raised concerns over what it described as excessive off-taker fees, which the IMF reportedly identified as a key contributor to the losses. They questioned who approved such fees and warned that the issue pointed to either incompetence or possible corruption.
Bank of Ghana Governor questioned
The Minority further questioned the role of the Bank of Ghana, noting that the central bank funds the programme and bears the financial losses. They criticised what they described as a defensive posture adopted by the Bank following the IMF’s findings, instead of initiating an independent investigation.
They also raised public accountability concerns regarding the Governor of the Bank of Ghana, Dr. Johnson Asiama, urging full disclosure on oversight failures and approval processes related to the programme.
Farmers, insecurity and unemployment
Beyond the gold sector, the Minority accused the government of neglecting farmers, particularly rice and tomato farmers in the northern regions, whose produce reportedly went to waste due to inadequate storage, processing and market support.
They argued that while millions of dollars were lost through the gold programme, state intervention for farmers only occurred after protests and public pressure.
On security, the Minority said Ghana was facing a deteriorating situation marked by rising armed robbery, murder, kidnapping, communal and chieftaincy conflicts. They cited official figures indicating hundreds of robbery and murder cases by mid-2025 and warned that public confidence in national safety was declining.
The Minority also criticised the government’s handling of employment, accusing it of failing to roll out the promised 24-hour economy while allegedly dismissing thousands of public sector workers. They referenced a deadly stampede at a recruitment exercise as evidence of worsening unemployment pressures.
Call for parliamentary investigations
Concluding their address, the Minority called on Parliament to immediately establish bipartisan select committees to investigate the Gold-for-Reserves programme.
They demanded the subpoena of off-taker contracts, testimony from GoldBod and Bank of Ghana officials under oath, and a full review of trading data to determine accountability and possible criminal conduct.
The Minority said Parliament has a constitutional duty to ensure transparency and protect the public purse.
Source: Clement Akoloh||parliamentnews360.com
