Minority blasts BoG Governor over $214m Gold-for-Reserves loss

The Minority Caucus in Parliament has accused Bank of Ghana (BoG) Governor, Dr. Johnson Asiama, of a serious failure in oversight following the controversial $214 million loss incurred through the Gold-for-Reserves programme.

Speaking to the press on behalf of the caucus on Thursday, January 8, Deputy Minority Leader and Asokwa MP, Patricia Appiagyei, criticised the management of the programme under Dr.

Asiama’s leadership, calling for a thorough investigation and accountability.

The caucus stressed that public confidence in Ghana’s financial institutions depends on transparency and accountability. They warned that failure to address these issues could erode trust in the Bank of Ghana and the broader financial governance framework.

They also emphasised that politically exposed actors should not be shielded from scrutiny, especially when public funds are involved.

“The institution that funds the Gold-for-Reserves programme, the institution whose balance sheet bears the $214 million loss.

The institution that should have provided rigorous oversight, Under the Governor’s watch, these losses occurred. Excessive fees were allowed, trading losses mounted, controls failed and when the IMF exposed these losses, the Bank of Ghana issued a press release dismissing the IMF’s concern instead of scrutiny.

“As Governor, he must answer.

What oversight did the Bank of Ghana provide, when did they become aware of losses and why defend and deny rather than investigate? Who approved the off-takers contract?

“Critically, as someone who benefitted from the nolle prosequi, does he not see the public concern when accountability questions arise again around politically exposed actors?” she said.

Source: CitiNewsRoom