The Centre for Policy Scrutiny (CPS) has called for an independent investigation into reported US$1.7 billion, approximately GH¢22 billion, losses linked to Ghana’s Domestic Gold Purchase Programme (DGPP), warning that the programme’s current design could make such losses inevitable.
The policy think-tank said the reported GH¢22 billion DGPP losses constitute a matter of significant public interest and require a comprehensive, transparent and evidence-based investigation.
According to the CPS, the inquiry must establish exactly what happened, how the losses were incurred and which institutions or decisions are reshttps://cpsghana.com/ponsible.
Also read: NPP backs probe into US$1.7bn DGPP losses, demands full account
In a statement, the CPS welcomed a fresh motion filed by the Minority in Parliament seeking an inquiry into the reported losses.
The Centre specifically endorsed Minority Leader Alexander Afenyo-Markin’s call for an Ad Hoc Committee to investigate the reported financial losses associated with the DGPP.
The CPS said the proposed parliamentary inquiry should go beyond simply examining the US$1.7 billion figure and investigate the transactions, institutions and financing arrangements underpinning the gold purchase programme
It wants the investigation to establish the exact nature and source of the reported losses, identify the transactions that generated them and determine the methodology used to arrive at the reported figures.
The policy group also called for a detailed examination of the respective roles of the Ghana Gold Board (GoldBod) and the Bank of Ghana (BoG) in implementing the Domestic Gold Purchase Programme.
It said the investigation should examine the responsibilities and financial exposures of both institutions, as well as how transactions under the programme were recorded and accounted for.
The CPS further wants Parliament to determine whether the DGPP has delivered value commensurate with the resources committed to it.
This, it said, is particularly important because of the potential impact of the programme on Ghana’s foreign-exchange reserves and public finances.
The CPS is advocating a bipartisan and transparent process anchored in documentary evidence rather than political claims.
It said the proposed Ad Hoc Committee should rely on audited accounts, transaction records, contracts and other relevant documentation to establish the facts.
“The investigation should remain transparent, evidence-based and bipartisan,” the Centre stressed.»
The policy group believes a credible parliamentary inquiry could help resolve competing claims surrounding the reported US$1.7 billion DGPP losses while strengthening accountability in the management of Ghana’s gold and foreign-exchange resources.
The Centre is urging Parliament to ensure that the eventual findings of the investigation provide clear answers to four fundamental questions:
1. What happened?
2. Why did it happen?
3. Who bears responsibility?
4. What measures are required to prevent a recurrence?
According to the CPS, answering these questions would provide a clearer understanding of the financial performance and management of the Domestic Gold Purchase Programme.
Beyond its call for an investigation, the CPS has raised concerns about the fundamental design of the Domestic Gold Purchase Programme.
The Centre argues that the current structure of the DGPP is “too generous”, creating conditions that could make losses inevitable.
It is therefore recommending a redesign of the programme to reduce costs and maximise its benefits to Ghana.
The CPS warned that the marginal benefits of the existing arrangement may not remain positive indefinitely, making a review of the programme necessary.
The recommendation comes amid growing political and public scrutiny of Ghana’s gold purchasing arrangements and the financial implications of the DGPP.
For the CPS, however, the immediate priority remains establishing the facts through a credible investigation and ensuring that Ghana’s gold and foreign-exchange resources are managed transparently and accountably.
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CPS Demands Probe Into GH¢22bn DGPP Losses, Warns Programme Design Is ‘Too Generous’
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