- Bank of Ghana revealed it can no longer cover losses from the initiative
- CDM highlights conflicting claims about profitability from government-linked institutions, including GoldBod
- Alleged losses running into hundreds of millions of dollars remain unreconciled
The Centre for Democratic Movement (CDM) has called for an independent forensic audit of the Gold-for-Reserves (G4R) Programme following the Bank of Ghana’s admission that it can no longer absorb the initiative’s losses.
In a statement dated January 12, CDM said the revelation raises serious concerns about transparency and accountability in economic governance.
The group criticised what it described as conflicting narratives from government-aligned entities, including GoldBod, which had previously claimed the programme was profitable. Official data, CDM noted, now contradicts those assertions and confirms substantial losses.
“Allegations of losses running into hundreds of millions of dollars remain unreconciled,” the group stated, adding that the lack of clarity has heightened public suspicion and parliamentary concern.
CDM argued that the absence of a clear legal and operational framework for the programme represents a systemic failure, accusing authorities of evading both parliamentary and public scrutiny despite repeated requests for documentation.
The group is demanding an independent, internationally credible forensic audit to examine physical gold volumes, pricing, foreign exchange flows, and net outcomes. CDM also called for the immediate public release of all contracts, memoranda of understanding, and valuation reports associated with the programme.
