The Parliament of Ghana has rejected a motion by the Minority Caucus calling for an investigation into a reported $214 million loss under the Gold for Reserves programme.
The controversial motion, spearheaded by Kojo Oppong Nkrumah, Member of Parliament for Ofoase-Ayirebi, sought to establish an ad hoc committee to probe into various aspects of the program, including its financial performance, design, implementation, governance, and its wider environmental and public health impacts.
The motion was designed to shine a light on concerns over the program, which allows the Bank of Ghana to exchange gold for foreign exchange to help bolster the country’s foreign reserves. However, it was revealed that there was a substantial loss of $214 million under the initiative. The Minority Caucus raised alarm over the lack of transparency and the unclear use of funds, which they believe could have had far-reaching consequences for both the economy and the environment.
Despite the Minority’s concerns, the Majority Caucus strongly opposed the motion. In their view, the $214 million loss was not a result of financial mismanagement but rather an operational cost inherent to the program. They argued that such losses are typical in international financial schemes and should not be a reason for a formal investigation.
The Majority’s stance ultimately led to the rejection of the motion, following a voice vote in Parliament.
The Majority’s stance ultimately led to the rejection of the motion, following a voice vote in Parliament.
Source: asaaseradio.com
