Incoming Majority Leader James Agalga has endorsed an early parliamentary probe into the operations of the Ghana Gold Board (GoldBod). He stated this investigation will help address concerns raised by the Minority.
Mr. Agalga, the Builsa North MP, spoke on Joy News’ PM Express on Monday. He suggested Parliament could use an ad hoc committee or the Public Accounts Committee for the examination. The choice of investigative body should be left to the Speaker, who possesses extensive experience in such matters.
This call for a probe comes amidst ongoing public debate regarding GoldBod’s activities and financial impact. The Minority has voiced various concerns, prompting the need for greater transparency. A comprehensive investigation aims to clarify the program's benefits and costs to the nation.
Mr. Agalga pointed to existing documents that already contain answers to many questions about GoldBod. He cited the Auditor-General’s report from 2025, which audited the Gold Board’s accounts and expenditures. He also mentioned the agreement between the Precious Minerals Marketing Company and the Bank of Ghana, along with its addendum, and an International Monetary Fund (IMF) report. These documents, he believes, hold many of the answers sought by the public.
Despite the existence of these reports, Mr. Agalga believes a new probe is necessary to satisfy public curiosity. He insisted the investigation must not be limited to 2025 operations. Instead, Parliament should examine the Domestic Gold Purchase Programme from its very beginning. This expanded scope will establish how the scheme has operated and the full costs involved. He stressed that the probe should not appear to suppress any information, allowing all issues to come to light.
Parliament should also investigate why the Bank of Ghana absorbed costs related to using forex bureau rates for gold purchases. Mr. Agalga wants the probe to assess the tangible benefits Ghana has derived from the programme. He highlighted the country’s increased reserves, currency stability, and declining inflation as key areas for assessment. Ghana’s reserves grew from GHS 8 billion to GHS 13 billion within 18 months, according to Mr. Agalga. This period also saw currency stabilization and a move towards single-digit inflation.
Mr. Agalga asserted that GoldBod has been central to the government’s economic strategy. He claimed Ghana is now ranked among the top nine strongest economies in Africa, surpassing Ivory Coast. This stability, he argued, is a direct result of innovative thinking and GoldBod’s deployment as a tool. He urged for the probe to begin as early as possible to address all doubts and ensure full transparency.