The People’s Alliance for Governance and Accountability (PAGA) says the government cannot use the national interest to justify or explain away the reported $1.7 billion loss from the Domestic Gold Purchase Programme.

The group says objectives such as building Ghana’s gold reserves, supporting the cedi, and combating gold smuggling cannot excuse what it describes as financial indiscipline.

Speaking at a press conference in Accra, PAGA Convenor Kofi Kusi Dapaah said the reported loss requires a full account and clear identification of those responsible.

“The claim that the programme served a good national purpose is no defence for financial indiscipline,” he said.

PAGA is calling for a detailed explanation of how the reported $1.7 billion loss occurred and wants officials responsible for the transactions to be identified and held accountable.

The group questioned whether shareholders of a private company would accept a loss of such magnitude being dismissed as simply part of the cost of doing business.

Mr Kusi Dapaah argued that the same standard of accountability should apply to public funds, insisting that taxpayers deserve to know how such a significant loss occurred.

PAGA acknowledged the broader economic objectives associated with the Domestic Gold Purchase Programme, including efforts to build reserves, strengthen the cedi and tackle gold smuggling.

However, the group maintained that those objectives should not shield the programme from scrutiny over its financial performance.

It is therefore demanding greater transparency over the transactions and accountability for any decisions or actions that contributed to the reported loss.

The concerns come amid growing debate over the financial performance and management of Ghana's domestic gold purchasing operations, with calls for Parliament and other relevant institutions to establish the circumstances surrounding the reported $1.7 billion loss.