Mr Kojo Oppong Nkrumah, Ranking Member on Parliament’s Economy Committee, has called for full disclosure of the monetary financing provided by the Bank of Ghana (BoG) to support the Domestic Gold Purchase Programme (DGPP), following reports of significant losses linked to the initiative.
Speaking on Eyewitness News on Wednesday, Mr Oppong Nkrumah questioned the total amount of financing the central bank extended to the Gold Board for the implementation of the programme, saying the public deserved clarity on its full financial cost.
He said the reported US$1.7 billion loss represented only part of the financial implications of the programme and called for details of the total monetary financing provided.
“The US$1.7 billion is only the loss. What was the gross monetary financing that the Bank of Ghana availed to the Gold Board to be used for this?” he asked.
Mr Oppong Nkrumah said monetary financing, which involves the creation of money to support government programmes, could have wider implications for the economy and should be fully accounted for.
He also questioned whether the financing arrangement had contributed to the high levels of liquidity sterilisation being undertaken by the Bank of Ghana to absorb excess money in the financial system.
Mr Oppong Nkrumah expressed concern over what he described as attempts to withhold key details about the programme, saying the Minority Caucus and the New Patriotic Party (NPP) would continue to scrutinise the figures.
“In the coming days, the Minority and the NPP, as we dig through the numbers some more, will update the nation on what we are finding,” he said.
His comments follow the publication of the International Monetary Fund’s (IMF) 2026 Article IV Consultation and proposed Policy Coordination Instrument report, which indicated that the Bank of Ghana’s Domestic Gold Purchase Programme recorded losses exceeding US$1.7 billion in 2025.
According to the IMF, the programme became a major source of foreign exchange inflows and reserve accumulation for the central bank.
The report said the losses, equivalent to about 1.5 per cent of Ghana’s Gross Domestic Product (GDP), were largely associated with the purchase of doré gold under the Gold for Reserves initiative.
Mr Oppong Nkrumah maintained that the losses would ultimately be borne by taxpayers, describing them as deferred costs that would eventually be absorbed by citizens.
