Eric Afful, Chairperson of Parliament’s Economy Committee, has said the reported $214 million “loss” under the Gold-for-Reserves (G4R) programme should not be classified as a loss but rather as a transactional cost incurred by the Ghana Gold Board (GoldBod).

He made the remarks while addressing concerns raised by the Minority in Parliament about the alleged mismanagement of the programme.

Afful, speaking on Newsnight on Joynews , Monday, December 29, emphasised that the Gold Board has yet to officially release its financial statements.

“Gold board has not rendered its financials. Though there was information going on to the IMF that there is that $240 million… I’m saying confidence that the $240 million cannot be described as you speak today, as losses. Cannot be described as losses. It is a cost. It is a transactional cost to the gold board,” he said.

The comments come amid calls by the Minority in Parliament for a bipartisan investigation into the programme.

Kojo Oppong Nkrumah, MP for Ofoase Ayirebi, told journalists that a parliamentary ad-hoc committee should be empowered to subpoena all contracts, licenses, intermediaries, and related entities.

He also urged the Bank of Ghana and GoldBod to disclose fee structures, pricing formulas, and aggregator selection criteria, alongside foreign exchange arrangements connected to the G4R initiative.

Oppong Nkrumah further raised concerns about gold sourced from forest reserves, calling for a suspension of permits in these areas and the introduction of stricter traceability measures.

The Minority insists that the inquiry is necessary to ensure accountability, transparency, and that state funds are not linked to illegal mining activities.