Oppong Nkrumah Demands Transparency on BoG's Gold Purchase Programme Financing Amid US$1.7bn Loss Controversy

Ghana's opposition is intensifying scrutiny of the Bank of Ghana's Domestic Gold Purchase Programme (DGPP) following the International Monetary Fund's disclosure that the central bank suffered losses exceeding US$1.7 billion during 2025, prompting demands for comprehensive financial transparency from lawmakers.

Kojo Oppong Nkrumah, the Ranking Member on Parliament's Economy Committee, has called on the Bank of Ghana to provide full disclosure of the total monetary financing extended to support the initiative, arguing that public focus has remained too narrowly centred on reported losses whilst overlooking the broader financial commitment underpinning the scheme.

Speaking on Citi FM on Wednesday, August 5, the former Works and Housing Minister emphasised that Ghanaians require a complete picture of the financial arrangements, particularly the aggregate value of central bank money channelled to the Ghana Gold Board for purchasing domestic gold. He suggested that understanding the full scale of monetary injection is essential for evaluating the programme's true economic impact and efficacy.

The Domestic Gold Purchase Programme's Mixed Results

The DGPP has served as a significant source of foreign exchange inflows and reserve accumulation for the Bank of Ghana, bolstering the nation's international reserves amid ongoing economic challenges. However, the programme's substantial losses raise serious questions about financial management and investment strategy.

Oppong Nkrumah raised concerns that the financing arrangement may have broader macroeconomic implications, particularly regarding the central bank's liquidity sterilisation measures—efforts to reduce excess money circulating in the economy. The relationship between gold purchase financing and money supply management requires greater public understanding, he suggested.

The NPP ranking member indicated that opposition scrutiny would intensify in coming weeks as lawmakers analyse available data more thoroughly. He committed to updating the nation on findings as investigation deepens, signalling that questions around monetary financing will remain a focal point of parliamentary oversight.

Why This Matters for Ghana's Economic Accountability

This controversy touches on critical issues affecting every Ghanaian: central bank transparency, use of public resources, and macroeconomic stability. The Bank of Ghana's independence is vital, yet parliamentary oversight remains essential to ensure public money serves national interests effectively.

The DGPP illustrates tensions between short-term reserve accumulation goals and financial prudence. While boosting foreign exchange reserves helps stabilise the cedi and demonstrates economic strength to international creditors, accumulating US$1.7 billion in losses raises questions about whether the programme's design adequately manages price and operational risks.

For ordinary Ghanaians, this debate connects directly to inflation, exchange rates, and the effectiveness of monetary policy in stabilising living costs. When the central bank commits substantial resources to any programme, those financial commitments influence the broader money supply and economic conditions affecting households and businesses alike.

The IMF's inclusion of these losses in its 2026 Article IV Consultation report suggests international partners are also monitoring the programme's viability. As Ghana continues engagement with the Fund and works toward fiscal consolidation, maintaining transparent communication about all central bank operations becomes increasingly important for credibility and sustained economic support.