BREAKING: $1.7 Billion Lost In Gold Exchange Program Is A National Tragedy – Dr. Fred Kyei Asamoah
Kumasi, Ghana – The Member of Parliament for Offinso North Constituency and member of the Development and Economics Committee of Parliament, Hon. Dr. Fred Kyei Asamoah, has raised alarm over the staggering $1.7 billion loss recorded under the Gold Purchase/Exchange Program.
Speaking on the morning show on Hello FM in Kumasi, the pharmacist-turned-legislator described the loss as a monumental setback to Ghana’s economy and called for immediate accountability.
Dr. Asamoah, who is a member of the New Patriotic Party (NPP) Minority in the 9th Parliament, said the $1.7 billion loss, which is equivalent to about GH¢22 billion, was captured in the International Monetary Fund’s review of Ghana’s Domestic Gold Purchase Programme (DGPP).
According to him, the amount lost is so huge that if it was to be shared equally among all Ghanaians, every citizen would receive approximately GH¢6,274.
“Every Ghanaian in this country could have received about 6,274 cedis if the $1.7 billion that has been lost was shared. Based on this, even a day of mourning for the country is not enough to deliberate on this matter,” Dr. Asamoah stated on Hello FM.
He explained that the loss, attributed to service and assay fees, discounts to off-takers and exchange-rate differences under the program financed by the Bank of Ghana, raises serious questions about value for money and transparency.
Dr. Asamoah declared that the Minority caucus in Parliament, led by Hon. Alexander Afenyo-Markin, is solidly pushing for the establishment of an Ad-hoc Committee to actively investigate the Gold Purchase Program.
He said the committee must be empowered to look into the possible causes of the huge loss, to ensure the safety of the economy and protect the interest of all Ghanaians.
“The Minority is not doing politics with this. We are demanding accountability because this is about the survival of our economy. Parliament must investigate where the $1.7 billion went,” he added.
The Bank of Ghana’s Domestic Gold Purchase Programme and the operations of the Ghana Gold Board (GoldBod) have come under intense public scrutiny in recent days after the IMF reported losses of $400 million in 2024 and $1.7 billion in 2025 from the scaling up of the programme.
While GoldBod CEO Sammy Gyamfi has rejected claims that GoldBod is responsible for the losses, the Minority insists that GoldBod, which played a central role in buying, aggregating and exporting gold for the Bank of Ghana, must account to the people.
