Incoming Majority Leader James Agalga is demanding a broader probe into Ghana’s Domestic Gold Purchase Programme, arguing that any investigation limited to 2025 would fail to give a complete picture of the scheme.
Speaking on Joy News’ PM Express on Monday, the Builsa North MP said Parliament must return to the programme’s origins and examine how gold purchases were conducted under previous administrations.
He said the probe should cover the period from 2021, when the Domestic Gold Purchase Programme began, rather than focus solely on GoldBod’s operations in 2025.
“You want us to interrogate matters properly; you do a holistic investigation,” he said.
Mr Agalga said limiting the investigation to 2025 would be particularly problematic because an agreement between the then Precious Minerals Marketing Company (PMMC) and the Bank of Ghana remains in force.
“If you limit your investigation, when in actual fact we are talking about an agreement which is still in force and I have copies which hasn’t been terminated, it dates back to 2023, that agreement that I’ve seen between the Precious Minerals Marketing Company and the Bank of Ghana, which is still in force, and you limit the scope to only 2025, you’ll be doing a grave disservice to the people of this country,” he said.
He wants Parliament to establish how costs associated with gold purchases were handled under the earlier programme and determine whether similar practices continue today.
Mr Agalga specifically questioned whether the PMMC purchased dore gold at forex bureau rates rather than Bank of Ghana rates in 2021.
“Is it the case that at that time, 2021, the Precious Minerals Marketing Company bought the dore, or they call it dore gold, whatever it is called, that’s the raw gold, using forex bureau rates as opposed to the Bank of Ghana rate, which in itself would definitely account for some losses, right?” he asked.
He said the difference between the two rates could have implications for the programme’s cost.
“So, who bears the costs associated with those differentials? So, we want to find out whether that was the practice at the time, and whether that is the practice today, so that we can make an informed decision,” he said.
Mr Agalga also defended GoldBod against claims that it had incurred losses, saying documents he had reviewed showed otherwise.
“I can tell you on authority that the Gold Board will relish any opportunity created for the issues that have come up over the period to be interrogated. So, they are ready. They are not running away from accountability,” he said.
He said the Auditor-General’s 2025 report contained no adverse findings against GoldBod.
“You have an auditor-general’s report dated 2025. No single adverse finding in that report was made against the Gold Board,” he said.
Mr Agalga also cited an agreement between the PMMC and the Bank of Ghana covering costs associated with domestic gold purchases.
He said those costs include “security, insurance, assay, smelting, etc.”
According to him, GoldBod is an agent of the Bank of Ghana and therefore should not be treated as the entity bearing those costs.
“The principal must pay the cost. Gold Board itself has never incurred losses. On the contrary, they have made a surplus, huge, in the region of what, 4 billion plus, thereabout, and that is captured in the Auditor-General’s report,” he said.
Mr Agalga said the investigation should ultimately bring all the issues to the fore.
“So let us bring all the issues to the fore, investigate the matters thoroughly, and whatever findings we make, the people of this country can be properly guided,” he said.
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