Parliament on Friday, March 27, 2026 rejected a private member’s motion seeking the establishment of an ad hoc committee to investigate the controversial Gold-for-Reserves Scheme, following a tense and highly charged debate on the floor of the House.
The motion, moved by the Minority Leader, Alexander Kwamena Afenyo-Markin and seconded by the Member of Parliament for Atiwa East, Abena Osei Asare, was defeated after a voice vote, with the Majority Caucus voting against it.
Speaker Rejects Call for Secret Ballot
Following the rejection, Mr Afenyo-Markin requested a secret ballot. However, the Speaker of Parliament, Alban Kingsford Sumana Bagbin, turned down the request.
According to the Speaker, secret voting procedures are limited to constitutional matters, including amendments and the election or removal of persons holding public office under the Constitution or any other law.
Minority Raises Concerns Over Losses
Moving the motion, Mr Afenyo-Markin argued that Parliament had a duty to investigate reported losses of $214 million incurred by the Bank of Ghana under the scheme, as highlighted by the International Monetary Fund.
Supporting the motion, Mrs Osei Asare emphasized the scale of the losses, noting that the amount exceeded the GHS 1.8 billion recorded under the Gold-for-Oil programme and represented approximately 2% of Ghana’s Gross Domestic Product (GDP).
She further argued that the amount was nearly 29 times the allocation approved for the government’s 24-hour economy policy, stressing that such funds could have been redirected to critical national development projects.
Raising concerns about governance, she warned:
“Questions are being asked about traceability, due diligence, and whether illegally sourced gold is entering a state-backed programme. If that is the case, then the government is not just managing a bad policy, but institutionalising illegality.”
Majority Pushes Back
In response, the Member of Parliament for Amenfi West, Eric Afful, attributed the programme’s challenges to its initial implementation under the previous New Patriotic Party (NPP) administration in 2022.
He cited central bank data indicating significant losses during that period, including GHS 74 million in 2022, GHS 2.15 billion in 2023, and GHS 4.84 billion in 2024.
Mr Afful, however, defended the programme’s recent performance, claiming that between March and September under the current administration, the country had accumulated $10.8 billion in reserves through the initiative, yielding notable economic benefits.
The Majority Leader and MP for Bawku, Mahama Ayariga, also dismissed the Minority’s arguments as “flawed.”
He maintained that the Gold-for-Reserves programme was not designed as a profit-making venture but rather as a strategic policy tool to leverage Ghana’s domestic gold resources to strengthen foreign reserves and stabilise the economy.
Scope of Proposed Investigation
The rejected motion sought to establish a committee to probe the scheme across five key areas:
Legality and regulatory framework — to assess compliance with the Gold Board Act, 2025 (Act 1140)
Supply chain procedures — to verify sourcing and environmental compliance of gold purchases
Transparency and accountability — to examine risk management and oversight mechanisms
Environmental and social impact — including concerns over illegal mining, river pollution, and land degradation
Other related matters — granting the committee broad investigative authority
The Minority also referenced emerging reports suggesting that total losses under the programme could have escalated to as high as $700 million, further underscoring the need for parliamentary scrutiny.
Proceedings Marked by Tensions
The debate was marked by frequent interruptions from both sides of the House, reflecting deep divisions over the policy’s impact, governance, and economic justification.
Despite the Minority’s push for accountability, the rejection of the motion means no parliamentary probe will be constituted at this time.
Source: Clement Akoloh/parliamentnews360.com
