Oppong Nkrumah demands full disclosure of BoG financing for gold purchase programme
Ranking Member of Parliament's Economy Committee, Kojo Oppong Nkrumah, has called on the Bank of Ghana (BoG) to disclose the full amount of monetary financing provided for the Domestic Gold Purchase Programme (DGPP), following reports of substantial losses linked to the initiative.
Speaking on Eyewitness News on Wednesday, August 5, Mr Oppong Nkrumah said the reported $1.7 billion loss only tells part of the story, insisting that Ghanaians deserve to know the total amount of funding the central bank advanced to the Gold Board to implement the programme.
He argued that understanding the overall financing is critical to assessing the programme's true financial impact.
“The other question that we will need to get into eventually is the 1.7 billion 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 noted that monetary financing, which involves the central bank creating money to support government-related activities, can have significant implications for the broader economy and therefore requires greater transparency.
He also questioned whether the financing arrangement had contributed to the Bank of Ghana's ongoing liquidity sterilisation measures aimed at mopping up excess money circulating within the economy.
The former Information Minister further expressed concern over what he described as a lack of transparency surrounding the programme, indicating that the Minority Caucus and the New Patriotic Party (NPP) would continue scrutinising the available data.
“…in the coming days the minority and the NPP, as we dig through the numbers some more, we’ll update the nation on what we are finding,” he stated.
His remarks come in the wake of the International Monetary Fund's (IMF) 2026 Article IV Consultation and proposed Policy Coordination Instrument report, which revealed that the Bank of Ghana's Domestic Gold Purchase Programme incurred losses exceeding $1.7 billion in 2025.
The IMF said the programme, which played a key role in boosting foreign exchange inflows and strengthening Ghana's international reserves, recorded losses equivalent to about 1.5 per cent of the country's Gross Domestic Product (GDP), largely due to the purchase of doré gold under the Gold for Reserves initiative.
Mr Oppong Nkrumah maintained that the financial losses associated with the programme would ultimately be borne by taxpayers, describing them as deferred costs that Ghanaians would eventually have to absorb.