Accra: The Second Deputy Minority Whip and Member of Parliament for Weija-Gbawe, Jerry Ahmed Shaib, has raised alarms over the World Bank's recent findings regarding GoldBod's operations, stating that they pose a significant yet insufficiently monitored risk to Ghana's economy.
According to Ghana Web, Shaib referenced the World Bank's 10th Ghana Economic Update, titled "Reset for Growth, Sustaining Macroeconomic Recovery and Unlocking Transport for Transformation" (August 2026, page 7). The report highlights concerns over the management and monitoring of GoldBod, linking these findings to an earlier report by the International Monetary Fund (IMF). This IMF report, "Ghana: Selected Issues" (IMF Country Report No. 26/213, August 2026, page 10), revealed that the gold program resulted in losses exceeding $1.7 billion in 2025, accounting for about 1.5% of the country's GDP, thereby affecting the Bank of Ghana's equity.
Shaib emphasized that the Domestic Gold Purchase Programme, initiated under former President Nana Akufo-Addo and designed by Dr. Mahamudu Bawumia, aimed to strengthen reserves and stabilize the cedi. However, he criticized the current government's management of the program. The World Bank report further highlights that the gold reserves under this program are inadequately monitored compared to other reserves, identifying GoldBod and reform delays as ongoing economic risks.
Additionally, the report underscores other financial vulnerabilities, such as weak banks, undercapitalized specialized deposit-taking institutions, COCOBOD's financial issues, and Ghana's susceptibility to fluctuations in gold prices. Shaib acknowledged the Speaker of Parliament's acceptance of the Minority's motion, which seeks to address these concerns through a parliamentary inquiry.
The Minority is demanding several actions, including a comprehensive parliamentary inquiry into GoldBod and the Bank of Ghana's gold operations, transparency in off-taker agreements, and systematic public disclosure of liabilities related to the program as recommended by the World Bank. They also call for transparent accounting of gold reserves and a detailed government plan to address identified gaps and risks.
Shaib concluded, "Two independent international institutions have now confirmed the same thing, and Parliament has taken the first step toward accountability. Ghanaians deserve competent stewardship of a good idea, not excuses."