Accra: The New Patriotic Party Minority Caucus in Parliament on Wednesday walked out of a scheduled briefing with the Governor of the Bank of Ghana (BoG), citing a decision by leadership to bar media coverage and demanding clarity on a $2.2 billion drop in Ghana's gross international reserves.
According to Ghana News Agency, Mr. Kojo Oppong Nkrumah, the Ranking Member on the Economic and Development Committee of Parliament, addressed the press at the Parliament House. He revealed that the caucus had submitted three critical questions to the Governor concerning the use of the country's foreign exchange reserves to support the cedi. These questions pertained to the source of forex, the origin of the foreign exchange used for market intervention, and details on the framework currently being utilized for forex market intervention, including the amount injected into the market.
Mr. Oppong Nkrumah, also the New Patriotic Party (NPP) Member of Parliament (MP) for Ofoase/Ayirebi, cited data from the National Petroleum Corporation report for May 2026. This report allegedly indicated that Ghana's gross international reserves stood at $14.2 billion at the end of Quarter One 2026. He pointed out that the Minority's checks showed a decrease to $12 billion by the end of June 2026, prompting their inquiry into whether the $2 billion was used for market interventions.
The MP emphasized the importance of having the Governor present in the chamber to ensure accurate reporting. He referenced the Governor's written response on the Order Paper, which stated that since August 2024, no direct market interventions had been undertaken using central bank reserves. Instead, forex operations were majorly executed through the domestic gold purchase programme.
Mr. Oppong Nkrumah questioned why the Majority was preventing the Governor from publicly acknowledging the role of the Domestic Gold Purchase Programme in mobilizing forex resources. He noted that media coverage had been permitted during similar sessions in the past, including appearances by the Electoral Commission and the Governor in 2025. The MP argued that the exclusion of the media contradicted the practice of open Parliament and transparency.
Due to the decision to exclude media coverage, the Minority suspended its participation, with Mr. Oppong Nkrumah stating that leadership would continue to engage in efforts to open the session to the media. He reiterated that Parliament is the "House of accountability," where the public deserves answers to pressing questions.
On the other hand, Mr. Mahama Ayariga, the Majority Leader, clarified that the decision was not meant to restrict media access to information. He explained that it is standard parliamentary practice for heads of state institutions to appear before the Committee of the Whole without media coverage, particularly when discussing matters of state security, sensitive economy, or confidential reports. The Committee of the Whole is a parliamentary procedure where all MPs meet to deliberate or receive briefings on urgent national matters, often held in camera for confidentiality reasons.