The BoG said it can no longer absorb the losses from the initiative
The Centre for Democratic Movement (CDM) is calling for an independent forensic audit of the Gold-for-Reserves Programme following the Bank of Ghana’s disclosure that it can no longer absorb the losses associated with the initiative.
The group said the development raises serious questions about transparency and accountability in economic governance.
In its January 12, 2026 statement, CDM criticised what it described as conflicting narratives from government-aligned institutions, including GoldBod, which had previously insisted that the programme was profitable.
It said official data now contradicts those claims and confirms substantial losses.
“Allegations of losses running into hundreds of millions of dollars remain unreconciled,” CDM noted, stressing that the lack of clarity has fuelled public suspicion and parliamentary concern.
The group argued that the absence of a clearly disclosed legal and operational framework for the programme represents a systemic failure.
It also accused authorities of persistently evading parliamentary and public scrutiny despite repeated requests for documentation.
CDM is demanding “an independent, internationally credible forensic audit” covering physical gold volumes, pricing, foreign exchange flows, and net outcomes.
It further called for the immediate public release of all contracts, memoranda of understanding, and valuation reports linked to the programme.
