PAC Chair demands full probe into alleged $1.7bn Gold Programme loss

Former Deputy Finance Minister Abena Osei-Asare has called on President John Dramani Mahama to direct a comprehensive investigation into the Bank of Ghana’s Domestic Gold Purchase Programme following an International Monetary Fund (IMF) assessment that reportedly puts the programme’s losses at US$1.7 billion.

Speaking in a video on Tuesday, August 11, 2026, Osei-Asare questioned how such a substantial loss could have been incurred and demanded greater transparency over the management of the programme.

She argued that the reported amount represented significant public resources that could otherwise have been channelled into critical areas of the economy, particularly healthcare.

Her comments come amid concerns over the cost of recruiting healthcare professionals. She cited the Health Minister’s reported request for GH¢6 billion to employ nurses, arguing that resources lost through the gold programme could have supported such initiatives.

“The Minister of Health is complaining about the fact that he needs GH¢6 billion to recruit nurses. And here we are, with approximately GH¢22 billion going down the drain,” she said.

According to Osei-Asare, using part of the funds to employ unemployed nurses could not only address staffing shortages but also reduce unemployment and expand the government’s tax base.

The former minister also raised questions about the difference between the Bank of Ghana’s reported financial loss and the figure attributed to the IMF.

She noted that the central bank’s 2025 financial statements recorded a loss of about US$214 million, while the IMF’s Article IV consultation reportedly estimated losses associated with the programme at approximately US$1.7 billion.

“IMF comes, IMF is privy to all the data and everything and says, no, the loss is not US$214 million as recorded, but US$1.7 billion,” she said.

Osei-Asare said the difference of roughly US$1.4 billion required an explanation, particularly from the accounting firm responsible for auditing the Bank of Ghana’s financial statements.

She called for the auditors and relevant authorities to clarify how the discrepancy arose and how the additional loss identified by the IMF was accounted for.

The Public Accounts Committee (PAC) Chairperson further urged the government to open the gold programme to greater parliamentary scrutiny and public accountability.

She said the management of public resources required clear explanations and transparency, rather than political attacks or disagreements over the figures.

“We expect some transparency. We expect some accountability and not contradiction in numbers, as is being put out there,” she said.

Osei-Asare maintained that a full investigation would help establish the true financial cost of the Domestic Gold Purchase Programme, clarify the difference in the reported figures and determine whether any weaknesses in the programme’s management contributed to the losses.

Prince Antwi

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