Majority thwarts Minority attempt to probe Gold-for-Reserves scheme

Parliament has rejected a motion by the Minority to establish an ad hoc committee to investigate alleged financial losses at the Ghana Gold Board (GoldBod) and examine broader concerns surrounding the Gold-for-Reserves programme.

The motion was defeated by a voice vote, with the Majority side prevailing despite strong objections from the Minority.

Minority Leader Alexander Afenyo-Markin subsequently called for a secret ballot, arguing that some Majority Members had privately indicated their willingness to support the motion if voting was conducted anonymously.

However, the Speaker of Parliament, Alban Bagbin, dismissed the request, ruling that the Standing Orders of the House do not permit secret ballots in such circumstances.

With the Speaker’s decision, the motion was formally struck out, effectively halting the Minority’s attempt to trigger a parliamentary inquiry into the scheme.

The proposed probe was intended to scrutinise the Gold-for-Reserves programme across multiple dimensions, including its design, implementation, governance structure, financial performance, and potential environmental and public health implications.

The Minority has raised concerns about possible losses and transparency issues tied to the initiative, which was introduced as part of efforts to stabilise the cedi and strengthen Ghana’s foreign reserves through gold-backed transactions.

The Majority, however, maintained its position during proceedings, ensuring the motion did not progress to the committee stage.

The development underscores ongoing political divisions in Parliament over oversight of major economic interventions, particularly those tied to Ghana’s gold sector and macroeconomic stabilisation efforts.