World Bank confirms: GoldBod risks "Insufficiently monitored," government's incompetence exposed again — Jerry Ahmed Shaib writes

The Domestic Gold Purchase Programme was a smart idea birthed by the Nana Addo Dankwa Akufo-Addo administration, with Dr Mahamudu Bawumia as the brain behind its design. Using our own gold to build reserves and protect the cedi was sound, forward-thinking policy. That idea was never the problem. The problem is the sheer incompetence with which this government has managed it since taking over, and now two independent international institutions have confirmed it in writing.

The IMF already showed us the cost of that incompetence. In its report, Ghana: Selected Issues (IMF Country Report No. 26/213, August 2026, page 10), the Fund found the gold programme lost over $1.7 billion in 2025 alone, about 1.5% of GDP. That loss pushed the Bank of Ghana deep into negative equity.

Now the World Bank has told us why. In its 10th Ghana Economic Update: Reset for Growth, Sustaining Macroeconomic Recovery and Unlocking Transport for Transformation (August 2026, page 7), the Bank states that GoldBod-related operations, among other issues, are "a significant and insufficiently monitored risk" to our economy. In plain terms: nobody in this government has been properly watching how a well designed programme is run. That is incompetence or negligence at the highest level.

The World Bank also found that gold reserves under this programme are not being tracked the same way as our other reserves, and on page 47 it lists GoldBod and reform delays as an ongoing risk to our economy, right now, under this administration's watch. This is not the only red flag in the report. The same World Bank findings point to weak banks and specialised deposit taking institutions still short on capital, COCOBOD's own financial troubles, and Ghana's continued exposure to sudden swings in gold prices, all of which the Bank says are not being properly managed under this government.

Let us be clear: this is not a case against Dr Bawumia's original vision for gold backed reserves. It is a case against this government's incompetent management of a good policy it inherited. A sound idea, poorly supervised, is how you lose over a billion dollars in one year and still have no answers for Ghanaians.

We are pleased that the Speaker of Parliament has admitted the Minority's motion on this matter, opening the door for the answers Ghanaians have been denied. The World Bank's latest findings only strengthen that case. They are further proof, from yet another independent institution, that Ghanaians are entitled to the truth behind these losses, and that truth can only come through a proper parliamentary inquiry, not press statements and denials.

Weeks ago, we asked simple questions that remain unanswered: Where are the off-takers? What discounts were applied to our gold, and who approved them? What fees changed hands, and who ultimately bore the losses? The World Bank's findings only sharpen the urgency of those questions and add new ones. This is why the Minority is renewing and updating its demands:

1.⁠ ⁠A full parliamentary inquiry into GoldBod and the Bank of Ghana's gold operations, with the power to summon officials and demand documents, now that the Speaker has admitted our motion.

2.⁠ ⁠Full disclosure of the identities of off-takers, the discounts granted, the fees charged, and exactly who, GoldBod or the Bank of Ghana, bore each loss.

3.⁠ ⁠Systematic public disclosure of all contingent liabilities tied to the programme, as recommended on page 49 of the World Bank report.

4.⁠ ⁠Transparent accounting for all gold reserves under standard reserve reporting, not accounting kept outside the normal books.

5.⁠ ⁠A clear plan and timeline from government to fix the gaps both the IMF and World Bank have identified, including the wider risks flagged in weak banks, COCOBOD, and gold price exposure.

Two independent international institutions have now confirmed the same thing, and Parliament has taken the first step toward accountability. Ghanaians deserve competent stewardship of a good idea, not excuses. The Minority will keep pushing until we get real answers.

BY Jerry Ahmed Shaib.,Esq
Member of Parliament for Weija Gbawe Constituency