The Member of Parliament for Suhum and Deputy Ranking Member on Parliament’s Budget Committee, Frank Asiedu Bekoe, has warned that a future New Patriotic Party government will reopen investigations into Ghana’s Gold-for-Reserves programme if it wins power in 2029. The motion, debated on Friday, March 27, 2026, sought to establish an inquiry into the design, operation, financial performance, and cost structure of the policy, but was blocked by the Majority.
Speaking on The Pulse on Joy News, Mr Asiedu Bekoe described the issue as a national concern. “It should be a point of worry for every Tom, Dick and Harry… because the Minority came up with this motion that the Gold-for-Reserves programme should be investigated,” he said.
He stressed that the call for a probe is grounded in serious financial concerns. “The IMF said that Ghana has lost $214 million as far as the programme is concerned… and indeed, it is prudent, if you are a well-meaning Ghanaian, to be worried,” he added.
The Gold-for-Reserves programme, introduced by the Bank of Ghana in 2021, was designed to boost foreign exchange reserves using domestically acquired gold. While government maintains the policy is helping to stabilise the economy, critics have questioned its performance following reports of significant losses.
Mr Asiedu Bekoe said the Majority’s decision to block a parliamentary probe raises accountability concerns. “We are saying that if the Majority has nothing to hide, this committee should be instituted and embraced by all, because Ghana cannot continue to lose,” he stated.
He criticised the posture of the Majority. “The supermajority in Parliament is not worried… they are not interested in how these losses came about,” he said.
The Suhum MP linked the alleged losses to broader economic challenges, particularly youth unemployment. “We have our teeming youth unemployed, and we should be worried how we are wasting funds… losing funds that could have been channelled into other sectors to create employment,” he argued.
Responding to claims that the programme is yielding results and does not require immediate scrutiny, he insisted accountability cannot be delayed. “We have also been made aware that Ghana has lost $214 million. Anybody who cares about Ghana… should not shelve any probe to ascertain how this happened,” he said.
Parliament recently rejected a motion to establish an investigative committee into the programme, with the Majority using its numbers to block the process. Mr Asiedu Bekoe described this as deliberate. “The NDC has a supermajority in Parliament… whether they read through the books or not, they will use their numbers and they have used their numbers to block the probe,” he said.
He maintained that the matter will not end there. “In 2029, inshallah, when the NPP assumes the reins of government, we shall pursue this investigation to see how Ghana lost this $214 million,” he stated.
He added that accountability cannot be permanently avoided. “There is no statute of limitation as far as crime is concerned… vindication is in the womb of time,” he said.
On interim steps, he hinted at plans without giving details. “If a man intends to marry, he does not announce it on radio,” he remarked.
He called for a comprehensive probe into the entire policy. “It should be a comprehensive investigation… so that Ghana will not continue to lose $214 million in trade credits. We cannot continue to be losing this money,” he said.
He also accused the Majority of acting out of fear. “I think the Majority is afraid… they are paranoid that something bad could come out. For that reason, I don’t see why a government that talks about a reset agenda would be afraid of a probe,” he argued.
In his closing remarks, he cautioned that the Majority’s dominance may not last. “The Majority in Parliament is gradually becoming an empty majority… and they are in trouble,” he said.
The remarks underscore the intensifying political battle over the Gold-for-Reserves programme, with accountability, transparency and economic management at the centre of the debate.
